// Only 9% of £11bn government support pledged for small firms has been paid out by local councils
// The scheme means all businesses in England will be eligible for small business rates relief
Just nine per cent of the government’s £11 billion coronavirus support package has been paid out to small firms that were earmarked for support.
Small businesses have been allocated around £1 billion in grant funding schemes under the Small Business Grant Fund.
This scheme means all businesses in England will be eligible for small business rates relief – which entails a one off cash grant of £10,000.
READ MORE:
- Coronavirus: Government plans overhaul of emergency loans scheme
- Coronavirus: When will retail return to normal?
However, retail estate adviser Altus Group has said the low level of distribution is “unacceptable”.
“The money needs to get to those most in need far quicker,” Altus Group head of UK business rates Robert Hayton said.
There are 720,400 properties liable for business rates with a rateable value less than £15,000 and are in receipt of small business rates relief.
Meanwhile, grants of up to £25,000 are also available for retail, leisure and hospitality premises with a rateable value below £51,000.
The Local Government Association said councils have been seeking eligible businesses to encourage them to apply for government funding since April and have continued to distribute the cash as quickly as possible.
Click here to sign up to Retail Gazette’s free daily email newsletter
