Missed out on Local Authority Coronavirus Funding? You may still have a chance.
At the start of lockdown, the Government provided local authorities with Grants of £10k or £25k for local businesses who were in receipt of Small Business Rates Relief. Unfortunately many small businesses missed out on this grant as their property didn’t meet the criteria set.
The government have announced that they are providing local authorities with an additional £617 million of funding, to be distributed to small businesses with fixed property costs, who missed out on the original grant.
The allocation of this additional funding is at the discretion of the local authority, however Government is asking local authorities to prioritise businesses in shared spaces, regular market traders, bed and breakfasts etc. Each local authority will be informed of their proportion of the fund next week.
To be considered for this funding, businesses must to be:
Small, with under 50 employees and
be able to demonstrate that they have seen a significant drop of income due to Coronavirus restrictions.
There will be three levels of grants payment:
Maximum of £25,000
Discretionary amounts under £10,000
It will be for councils to adapt this approach to suit local circumstances.
For the moment, this is all the information that we have regarding this additional funding. Further guidance is being sent out to local authorities shortly, with the emphasis to act swiftly. Our advice would be to keep a close eye on local authorities’ websites and local press for updates. We’ll also keep an eye out for updates too.
Newark and Sherwood District Council (our local council) were one of the quickest to process the original round of grants, so we hope that they will distribute any additional funding in such a swift manner too.