New £617m fund to help ‘the forgotten middle’
04/05/2020
£617 million grant fund to help those businesses previously outside the scope of the existing business support grants
The government have announced an additional £617m funding package aimed at small businesses with ongoing fixed property-related costs.
The grants will be administered by local authorities but the government wants the funds to be prioritised for those companies that pay rates indirectly via their landlords. However, local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.
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 grants – £10,000, £25,000 and local authorities will have discretion to make payments of any amount under £10,000.
Further guidance will be announced shortly.
UKFT is in constant dialogue with the government and is outlining the latest support available for businesses on our website. We will update the details as and when the situation changes.