There’s good news for some Isle of Wight businesses as further help from the Government during the Coronavirus outbreak is announced.
A discretionary fund has been set up to accommodate small businesses with ongoing fixed property-related costs who were previously outside the scope of the business grant funds scheme.
The Business Secretary Alok Sharma and Minister for Regional Growth and Local Government, Simon Clarke spoke to local authorities in England yesterday (Friday) to set out that up to £617 million would be made available.
Who will benefit
This additional fund is aimed at small businesses with ongoing fixed property-related costs.
The Government have asked local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates.
Other businesses could benefit too
The really important news is that the local authorities are being given permission to make payments to other small businesses outside that scope.
There are many small Isle of Wight businesses who have fallen through all the Government funding gaps, who livelihoods are on the line due to sudden lack of income and lack of support.
The Government say the allocation of funding will be at the discretion of local authorities.
Criteria and level of grants
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.
Image: togawanderings under CC BY 2.0
