Government listening to NMTF message on plight of many market traders
A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.
A statement from the Governments says:
This additional fund is aimed at small businesses with ongoing fixed property-related costs. We are asking local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. But 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 Coronavirus restriction measures.
THE NMTF has been told by the Government that traders who want to apply for the discretionary grant must contact their local authorities.
NMTF CEO Joe Harrison said: “We are pleased that both BEIS (Department for Business, Energy and Industrial Strategy) and the Government have taken heed of the representations we have made and acted upon them. In an unprecedented crisis such as this any additional support for market traders has to be welcomed.”