In order to help companies through the coronavirus crisis, the Government has distributed more than £12 billion to local authorities to fund the Small Business Grants Scheme.
So far, more than £6 billion has already been paid out to half a million business properties – including 1,230 here in Solihull. These local firms have received payments worth £17 million.
In total, Solihull Metropolitan Borough Council has been allocated £28,736,000, and hundreds more local businesses may be eligible for support. Under the SBGS, local authorities are then able to offer grants of up to £10,000 to small businesses, and up to £25,000 for eligible leisure, retail and hospitality businesses.
This comes on top of additional measures taken by the Government to support employers and protect jobs, including:
- Helping to pay people’s wages through the Coronavirus Job Retention Scheme, including for more thana million people who are employed by the 140,000 businesses which applied for the scheme in the first day alone.
- Introducing the Coronavirus Business Interruption Loan Scheme to provide loans of up to £5 million, interest free for 12 months, to small businesses.
- Taking all retail, leisure and hospitality businesses out of business rates altogether for the next year.
- Helping small and medium-sized businesses with the cost of paying Statutory Sick Pay for employees off because of Covid-19.
Commenting on the scheme, Julian Knight said:
“In these unprecedented times, the Government is right to pull out all the stops to help local employers protect jobs and survive lockdown. I urge small business owners to make use of all available help.”