The Government has distributed more than £12 billion to local authorities for the small business grants scheme, with more than £6 billion already paid out to half a million business properties.
Through the small business grants scheme, the Council are 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 is just part of the unprecedented package that has been offered by the Treasury and Chancellor, Rishi Sunak, including a Coronavirus Business Interruption Scheme, helping pay peoples wages through the Coronavirus Job Retention Scheme and 0% business rates for retail, leisure and hospitably businesses.
Business Secretary Alok Sharma said:
“I am very grateful to local authorities who have been working flat out to ensure these vital funds get to hard-pressed small business owners. Government is doing everything we can to support individual councils and help ensure that these grants reach local firms as soon as possible. I urge everyone to keep working at pace to get the money where it is needed quickly.”
Gosport Borough Council has received an initial funding of £13 million and has already distributed over £9 million to 760 local businesses. However, 1085 Gosport businesses have been identified as eligible, meaning many are still not accessing the financial help they are entitled to.
Local MP, Caroline Dinenage, commented:
“I have been impressed by how quickly and efficiently the Council have been able to distribute funding to local businesses in need.
“The small business grant can be a financial lifeline at this time, so I recommend that all small, local businesses check to see if they are eligible so that they do not miss out!”
Gosport Borough Council are 24th on the national list of over 300 Councils, having already paid out over 60% of the amount provided by the Government.