Small businesses in Plymouth have received Government grants totalling £23million to help them tackle the economic effects of the Coronavirus pandemic.
Plymouth City Council said it has paid out the sum directly to more than 2,000 Plymouth businesses from the Small Business Grant Fund and the Retail, Leisure and Hospitality Grant Fund.
The cash is part of a £47.4million sum given to Plymouth City Council in a scheme designed to help small businesses across England.
The Government is providing grants of up to £10,000 for small businesses, and further grants of up to £25,000 for businesses in the retail, hospitality and leisure industries.
Every business with a rateable value below £15,000 will receive a grant of up to £10,000.
Eligible larger businesses in the retail, hospitality and leisure industries are eligible to receive to £25,000 if they have a rateable value above £15,000 but below £51,000.
In total, £12.3billion will be going to businesses in England.
Cllr Tudor Evans, Labour Leader of Plymouth City Council, said: “We have already paid out an incredible £23million directly to Plymouth businesses from the Small Business Grant Fund and the Retail, Leisure and Hospitality Grant Fund.
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“Since writing to businesses at the end of March we have received more than 2,700 completed grant forms and approved more than 2,200 for payment.
“We aim to make all payments within two weeks of receiving their completed grant forms, and sooner if possible.
“Throughout the process, we have supported businesses with a dedicated business grants helpline, which has taken more than 1,400 calls since it opened on March 27.
“A team of people are now working to make sure that all eligible businesses are aware of and can claim their grants.”
It is understood there are nearly 4,000 eligible businesses in Plymouth, so more grant applications may yet be received by the council.
Business Secretary Alok Sharma thanked Plymouth City Council “for its hard work in getting this vital support out to those who need it”.
He added: “Small business owners up and down the country are facing challenges on a scale never seen before and the financial support package we have put in place reflects that.”
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Chancellor of the Exchequer Rishi Sunak said: “Our package of support for businesses and individuals is designed to ensure cash gets where it is needed fast, which is why we’ve been able to get these grants to Plymouth firms now.”
Federation of Small Business national chair Mike Cherry said: “It’s a huge relief to see thousands of small businesses getting the money they so badly need, and in the nick of time.
“These cash grants are a critical lifeline in ensuring the future of small firms right across England and safeguarding them beyond the current crisis.
“It is critical that all local authorities act fast and get the money to those who need it urgently.
“This is a huge package of support for small businesses and will take time in some areas to deliver, but time isn’t on the side of small firms who are cash strapped and are in such a precarious position.”
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Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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Cash grants come on top of wider government support, including a business rates holiday with all businesses in retail, hospitality and leisure paying no rates for one year.
The Government also launched a Coronavirus Job Retention Scheme, under which employers can claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs.
VAT payments have also been deferred for three months. The Government’s Business Support website helps people find support, advice and information to help with the impact of COVID-19 on business.
The eligibility criteria for business support grants and more information about how to apply can be found on the Invest Plymouth website by clicking