Torbay’s MP Kevin Foster has welcomed news 1,729 business properties in Torbay have already received grants totalling £24,790,000 as part of the Government’s Small Business Grants Scheme, yet is calling on more to check their entitlement as it is estimated nearly 600 businesses are yet to apply.
In recognition of the extraordinary pressures facing small businesses during the coronavirus outbreak, the Government launched the Small Business Grants Scheme, backed by £12.3 billion. The funding is provided to local authorities, who 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.
The news of the amount awarded to businesses in Torbay comes as the Government confirmed up to £617 million would be made available as part of a top-up to the local business grant funds scheme. This is an additional 5% uplift to the £12.3 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, including Torbay Council, shortly.
This additional fund is aimed at small businesses with ongoing fixed property-related costs. The Government is 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. Local councils may choose to make payments to other businesses based on local economic need.
Commenting, Torbay’s MP Kevin Foster said:
“I am delighted to hear news of a further extension to the business grants scheme as it is confirmed nearly £25m of support has already been paid out, with more due in local businesses bank accounts in the coming days. I would urge every small business owner in the bay to check if they may be entitled to a payment as it is estimated over 500 grants are yet to be claimed.”
Details of the Grants Available can be found on Torbay Council’s website by following this link:
www.torbay.gov.uk/health-and-wellbeing/public-health/coronavirus/financial-support-for-businesses/
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