£1bn business grants support announced

A NEW £1bn business grants scheme has been unveiled by the Government – although no details on how the money will be allocated have yet been given.

The funding is aimed at supporting businesses that have been impacted by the Omicron variant, the ongoing problems of staff absences due to Covid and lower consumer demand.

West Berkshire Council said it was now waiting for further information on how the scheme will work, the eligibility criteria, application process and funding allocations from Government.

“Once these have been provided, we will start the process to distribute these grants as soon as possible and help support those local businesses who are eligible under the scheme,” a council spokesperson said.

The scheme guidance indicates that those businesses supported, which includes hospitality and leisure premises, will benefit from targeted grant support.

Those eligible businesses with a rateable value under £15,000 will be entitled to £2,700; a rateable value between £15,000 and £51,000 will receive £4,000; and those with a rateable value over £51,000 will receive £6,000.

There will also be some additional funding to boost the Additional Restriction Grant (ARG) scheme, which allows the council to allocate discretionary funding to businesses most in need.

The Government will also cover the cost of statutory sick pay for Covid-related absences for small and medium-sized employers across the UK.

West Berkshire Council executive member for finance and economic development Ross Mackinnon (Con, Bradfield) said: “This further support for businesses is very welcome at what we know is a difficult time for those businesses operating in hospitality and leisure.”