Thursday, 7 May 2020

Small firms that missed £10k grant could benefit from £617m new grants

There could be some good news for small businesses that missed out on the £10,000 government grant because they were not on their local council’s rates list as they may now be able get the money.

The Government has announced £617m in new grants to support businesses in shared spaces, regular market traders and small charity properties. This includes businesses who pay Business Rates indirectly via their landlord rather than being on the rates list themselves. 

It will be at local authorities’ discretion who gets the money, and can include Bed & Breakfasts that pay council tax rather than business rates.

To qualify, a business must have under 50 employees and be able to demonstrate that they have seen a significant drop of income due to coronavirus restriction measures. Grants of £10,000 and £25,000 will be available, and local authorities can choose to make payments of any other amount under £10,000 depending on local economic needs if they wish.

The local Council will need to set up a new payment system to administer the grants, so they are not available immediately. 

We will keep you up to date with any developments. 

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