The government has given out huge grant funding to local authorities in order to support small businesses.
The funding amounts to £2.2billion, which will help businesses in the current economic situation.
Most of the support will be for businesses who have been forced to close, but other businesses will still receive support if your local council decides to.
The Local Restrictions Support Grant
There are two grant schemes available to businesses in the current lockdown.
The first is the Local Restrictions Support Grants, which will be used to support businesses that have been forced to close in the latest government lockdown. The amount of support a business gets will be determined by their rateable value.
- Business owners will receive £1,334 every 4 weeks if they have a rateable value that is below £15,000.
- If the rateable value is between £15,000 and £51,000 the business owner will receive £2,000 every 4 weeks.
- For any rateable value above £51,000 the business owner will receive £3,000 every 4 weeks.
Additional Restrictions Grant
The second grant scheme is the Additional Restrictions Grant which is given out by councils at their own discretion.
A local authority will be given £20 per head (of their local population). This can be given to businesses that have been severely impacted by the pandemic restrictions.
The goal of this grant is to support jobs and livelihoods through the winter months, and will likely be given out to businesses who have lots of employees, or no rateable value at all.
This grant is not mandatory, so businesses will have to reach out to their local authority and request this support. Make sure the council have your contact information and payment details.
Are You Eligible?
These grants will amount to £2.2billion in total, and the payments were making their way to local authorities on the 13th November.
Business Secretary Alok Sharma said:
“We know that this is a really tough time for businesses across the country, which is why we are continuing to deliver a wide-ranging package of urgent support.”
“This much-needed cash will help to sustain businesses, protect jobs and keep communities ticking as we continue to tackle the virus in the coming weeks.”
You can find out if you are eligible for the grants at the links below:
Local Restrictions Support Grant: Check If You Are Eligible Here!
Additional Restrictions Grant: Check If You Are Eligible Here!
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