Covid -19: Additional Grants Released to Support Businesses in Shared Spaces and Markets
The government has announced that £617 million will be made available to support small businesses in shared spaces, coworking spaces and regular market traders with ongoing fixed property-related costs.
This is additional to the Small Business Grants Fund (SBGF), the Retail, Hospitality and Leisure Grants Fund (RHLGF) and the Self Employment Income Support Scheme.
Local authorities are being asked to prioritise businesses in shared spaces, regular market traders and small charity properties. 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 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 will be for councils to adapt this approach to local circumstances.
As of 27 April, over £7.5 billion has been paid out to over 614,000 business properties via the SBGF and RHLGF schemes. This is over 61% of the grant funding allocated to local authorities.
Further information is due from Hackney and Lambeth Councils over the next few days but if you would like support or more information on this grant please get in touch with our Covid 19 Resident Support Team by filling out this form.
7th May, 2020