More than £1 billion has been distributed to businesses by London boroughs since the government announced its business support measures at the start of April.
This weekend government announced a new discretionary fund to provide support for small businesses that may otherwise be unable to claim grants, which boroughs will administer quickly and fairly once guidance and funding levels have been published.
However, there is still more to be done for businesses who do not fit the criteria set by government and are at risk during the pandemic. London Councils has called on the government to amend their guidelines for grants to provide funding support to businesses who currently do not have adequate help.
Cllr Clare Coghill, London Councils’ Executive Member for Business, Europe & Good Growth, said: “We welcome the huge amount the government has done to date to support businesses and the self-employed but a significant number of London’s well-known and much-loved small businesses are still currently ineligible for grants, which is why we’ve called for an urgent increase to the rateable value threshold."
“Boroughs will continue to work tirelessly to support London’s businesses and make sure they receive the money they are entitled to. We urge any small business who thinks they are eligible to visit their local borough website for further information.”