According to a BBC report on Friday Aug 8th 2020 and the Federation of Small Businesses, there are millions of pounds earmarked for supporting small businesses on March 17th still “sitting in council accounts”. Are you eligible to claim?
Lump sums of £10,000, through the Small Business Grant Fund, and £25,000 through the Retail, Hospitality and Leisure Grant Fund, were intended to help businesses’ cash flows during the coronavirus pandemic. This emergency coronavirus funding for firms will go back to the Treasury at the end of the month if it is not claimed, business leaders have said.
Four months after £12bn was released to help them through the coronavirus pandemic, £1.5bn is unclaimed.
The Federation of Small Businesses (FSB) warned the money was sitting in councils’ bank accounts.
The government said it was working with councils to reach eligible businesses.
The Local Government Association (LGA) said local authorities needed more time and flexibility to ensure businesses benefited from the funding.
‘Restrictive criteria’
As of 3 August, £10.8bn had been paid out to nearly 900,000 businesses, leaving £1.5bn yet to reach nearly 80,000 eligible firms by late August, according to official data.
The figures suggest more than one in five businesses in areas such as Wealden, South Lakeland and South Somerset have not claimed grants.
Of the 314 English councils distributing the money, 291 have at least one business entitled to support that has not received it. Read the full report below to check if you are eligible and how to claim.