Discretionary Top Up Scheme for small businesses

Posted on 6th May 2020 by Streets

To support small businesses that are not eligible for the business grant funds scheme, the Government has launched the Discretionary Top Up Scheme.

This new scheme is primarily aimed at supporting small businesses with on-going fixed property costs and will be administered by local authorities.

The scheme will focus on those businesses operating in shared workspaces, regular market traders, small charity properties that meet the criteria for Small Business Rates Relief and bed and breakfast establishments that pay council tax as opposed to business rates.

Local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.

Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to the Coronavirus restriction measures.

There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. Local authorities will also have the discretion to make payments of any amount under £10,000.

For further information on the new Scheme please click here

No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.

Information

The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.