New top-up grant announced for small businesses

05 May 20

The Government has announced that an additional £617 million will be made available for local authorities in England to distribute to businesses. It is hoped that this new discretionary grant funding will be beneficial to those businesses that may have been outside of the scope for previous grant fund schemes. 

In order for a business to be eligible for this grant it must have under 50 employees and must be able to demonstrate that it has experienced a significant drop in income due to the Coronavirus restriction measures. 

This additional funding is aimed at small businesses with ongoing fixed property-related costs. However, the allocation of funding will be at the discretion of local authorities who may choose to make different payments based on their local economic need. The payments will be split across three levels: maximum of £25,000, up to £10,000 and below £10,000. 

The Government is expected to share further details about the grant scheme, such as the amount allocated for each local authority, and how businesses may apply for the grant next week. 

For more information about all the financial support packages available to UK businesses and self-employed individuals, please take a look at the Coronavirus Hub on the RYA website. Club Commodores and Training Centre Principals are also encouraged to check out the RYA Coronavirus (COVID-19) FAQs for Affiliated Clubs, Classes and Recognised Training Centres for detailed support and guidance.

If your business requires any assistance with applying for business loans or grants then please contact the Legal team via email or call 023 8060 4223.