Updates from 2 May

On Saturday 2 May, the Government announced an additional grant scheme designed to plug a gap in provision of support for businesses operating from shared working spaces and not paying business rates.

The local authority discretionary grant fund is worth £617 million in total – a 5% increase on the £12.33 billion already pledged – and is expected to help market traders and those in co-working office spaces. Councils have been told to use their discretion in deciding which types of business might be eligible, based on local knowledge and need.

Grants are capped at £25,000 and apply only to firms with fewer than 50 employees trading on or before 11 March 2020.

Businesses claiming the new grant will be expected to demonstrate that they have ongoing fixed building-related costs and have suffered a fall in income due to COVID-19. Those already claiming via existing grant schemes or through the self-employment income support scheme will not be able to access this additional funding.

Author Name: 
Siobhan