Cherilyn Mackrory, Member of Parliament for Truro and Falmouth has welcomed the news that up to an additional £617 million of funding will be made available to local authorities in England to assist with small businesses that have not already been able to access business rates support.
The Business Secretary Alok Sharma and Minister for Regional Growth and Local Government, Simon Clarke spoke to local authorities in England yesterday to set out that up to £617 million would be made available.
This is an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grants Fund (RHLGF), so up to £617 million. The Government will confirm the exact amount for each local authority next week.
Cherilyn said:
“My team and I have been working flat out to support hard-working businesses in Truro and Falmouth during the COVID-19 crisis.”
“I have been pleased to see the Government listening to feedback from me and other MP colleagues and that they have now released additional funding to support those who have not been able to access it until now.”
“This will support many businesses such as those at the Innovation Hub and B&B’s currently not eligible for Business Rates and I look forward to working with them and Cornwall Council to make sure they get this support quickly.”
This additional fund is aimed at small businesses with ongoing fixed property-related costs. We are asking 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. But 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 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.
Further guidance for local authorities will be set out shortly.