This new scheme is primarily aimed at supporting small businesses with on-going fixed property costs and will be administered by local authorities.
The scheme will focus on those businesses operating in shared workspaces, regular market traders, small charity properties that meet the criteria for Small Business Rates Relief and bed and breakfast establishments that pay council tax as opposed to business rates.
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 the 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 also have the discretion to make payments of any amount under £10,000.
For further information on the new Scheme please click here
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