1,047 businesses in Bexley have already received grants as part of the Government’s Small Business Grants Scheme. In total, more than £12,855,000 has made its way to small businesses in the area.
In recognition of the extraordinary pressures facing small businesses during the coronavirus outbreak, the Government launched the Small Business Grants Scheme, backed by £12.3 billion. The funding is provided to local authorities, who are then able to offer grants of up to £10,000 to small businesses, and up to £25,000 for eligible leisure, retail and hospitality businesses. Since the scheme’s launch in March, £6.1 billion has already been paid out to 491,725 business properties across England.
In total, Bexley has been provided with £36,438,000, which could help as many as 2,715 businesses in the local area.
The Government is providing a huge and unprecedented package of support to help small businesses during the coronavirus outbreak, including:
- Helping to pay people’s wages through the Coronavirus Job Retention Scheme, including for more than a million people who are employed by the 140,000 businesses which applied for the scheme in the first day alone.
- Introducing the Coronavirus Business Interruption Loan Scheme to provide loans of up to £5 million, interest free for 12 months, to small businesses.
- Taking all retail, leisure and hospitality businesses out of business rates altogether for the next year.
- Helping small and medium-sized businesses with the cost of paying Statutory Sick Pay for employees off because of Covid-19.
Rt Hon Sir David Evennett, Member of Parliament for Bexleyheath and Crayford and Vice Chairman of the Conservative Party for Business Engagement commented: “This is an extremely challenging time for businesses, especially for the smaller firms that are at the heart of our local community.
“It is reassuring to know that the support announced by the Government has already reached so many local businesses across Bexley, and that it is helping to protect businesses and people’s livelihoods. However, there are a number of businesses across the Borough that have not yet applied so I would urge them to do so immediately.
Business Secretary, Rt Hon Alok Sharma MP 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.”