George Eustice, Member of Parliament for Camborne, Redruth and Hayle, has today welcomed news from the Government that it is providing local authorities with additional funding to target small businesses with high fixed property-related costs but that are not eligible for the current grant schemes.
The Coronavirus has affected a large numbers of businesses and in recognition of these challenging times, the Government is making an additional 5% uplift to the £12.33 Billion funding previously announced for the Small Business Grants Fund.
The Government is asking Local Authorities to prioritise the following types of businesses for grants from within this funding pot:
- Small businesses in shared offices or other flexible work spaces e.g. industrial parks, science parks, incubators etc, which do not have their own business rates assessment;
- Regular market traders who do not have their own business rates assessment;
- B&Bs which pay Council Tax instead of business rates; and
- Charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rates Relief or Rural Rate Relief.
The list set out above is not intended to be exhaustive, but it is intended to guide Local Authorities as to the types of uses that the Government considers should be a priority for the scheme. Authorities should determine for themselves whether particular situations not listed are broadly similar in nature to those above and, if so, whether they should be eligible for grants from this discretionary fund. The Government also recognises that economic need will vary across the country, and so the precise design of the discretionary fund will be up to each local authority, and authorities are free to make payments to businesses outside of the above list.
George commented, "Throughout the pandemic, I have received a large volume of correspondence from businesses who have experienced difficulties in securing the financial support that they need. I have been communicating these concerns to ministers and the Government and I am pleased that the Government has acted to further support businesses in these difficult times. This fund will be incredibly important for local businesses and if anyone continues to experience any difficulties then please contact my office via email at George.email@example.com."
Further information regarding the local business grant scheme top up can be found at: https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme