Small and micro businesses which have been affected by the COVID-19 crisis may be able to claim up to £25,000 under new guidance released by the Government as part of its response to COVID-19.
The Local Authority Discretionary Grants Fund, to be administered by Hyndburn Borough Council, is aimed at businesses not eligible for the recent Small Business Grant Fund or the Retail, Leisure and hospitality Fund.
The discretionary awards will support local businesses with ongoing financial demands such as rent in order to keep businesses afloat during the Coronavirus pandemic. The grants will be based on national guidelines as well as local knowledge and needs and includes:
· Businesses with relatively high ongoing fixed property-related costs;
· Businesses which can demonstrate that they have suffered a significant fall in income due to the COVID-19 crisis; and,
· Businesses which occupy property, or part of a property, with a rateable value or annual rent or annual mortgage payments below £51,000.
Leader of the Council, Councillor Miles Parkinson OBE, said;
“We’re proud that Hyndburn has been recognised nationally for our administration of the COVID-19 business support grants over recent weeks and we’ll build on this success to provide a second wave of much-needed financial support to our essential local businesses.
“Our teams will be working round the clock over the coming weeks to release a procedure and application process in early June. Making enquiries now, before the scheme is up and running may delay this process, so please keep an eye on our website for the release of the scheme with all the details.”