New Grants for Small Businesses
The Government has announced fresh funding for a new discretionary grant scheme for startups and small businesses, which will allow those with ongoing fixed-property costs to claim a grant of up to £25K.
This scheme is aimed at startups with ongoing fixed property-related costs – in particular businesses with shared office space costs, regular market traders, and small charity properties. The allocation of payments will be at the discretion of local authorities, but the Government has advised them to prioritise businesses in shared office spaces (amongst others).
To be eligible, your company must have under 50 employees, and you must also be able to demonstrate that you 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.
It is expected that local authorities will dish these payments out along the lines of the Small Business Grant Fund. More details will be made available later this week as to how to access this cash