The UK government has announced an additional £617 million funding package for small businesses, which were previously outside the scope of the existing business support grants. The grants will be administered by local authorities, but the government wants the funds to be prioritised for those companies that pay rates indirectly via their landlords.
The allocation of funding will be at the discretion of local authorities. However, local authorities may choose to make payments to other businesses based on local economic need.The UK government has announced an additional £617 million funding package for small businesses, which were previously outside the scope of the existing business support grants. The grants will be administered by local authorities, but the government wants the funds to be prioritised for those companies that pay rates indirectly via their landlords. #
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 grants, £10,000, £25,000, and local authorities will have discretion to make payments of any amount under £10,000, according to a press release by UKFT.
Fibre2Fashion News Desk (GK)
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