Discretionary Local Business Grants funds scheme
Posted 04/05/2020
A discretionary fund has been set up to help small businesses previously outside the scope of the business grant funds scheme but who have ongoing fixed property costs e.g. businesses in shared spaces, regular market traders, small charity properties and bed and breakfasts.
However, Local authorities may also choose to make payments to other businesses based on local economic need at their discretion.
Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
There will be three levels of grant payments. The maximum will be £25,000.
There will also be grants of £10,000.
Local authorities will have discretion to make payments of any amount under £10,000.
Further guidance will be issued to Local Authorities shortly and we will provide updates as they are announced.
The Government release is as follows https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme?utm_source=c711a024-400a-41c6-a2b9-1a103a62ddaa&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate
Also follow Hammond McNulty on Linked In for further updates https://www.linkedin.com/company/accountants-congleton-cheshire