Wed. Nov 25th, 2020

Isle of Wight Observer News

The Island's Free Newspaper

MP welcomes additional support for small businesses

1 min read
Seely has welcomed the latest Government announcement of additional support for small businesses, including B&Bs that were previously outside the scope of existing support measures

MP Bob Seely has welcomed the latest Government announcement of additional support for small businesses, including B&Bs that were previously outside the scope of existing support measures.

The new discretionary fund announced last week, set aside up to £617 million for small businesses – an additional 5% uplift to the £12.33 billion funding previously announced for the Small Business Grants Fund and the Retail, Hospitality and Leisure Grants Fund.

Businesses that have been targeted for the new assistance include those in shared spaces, regular market traders, small charity properties and bed and breakfasts that pay council tax rather than business rates.

The allocation of funding will be at the discretion of local authorities who will find out the exact amount they will receive next week.

Bob, who spoke of issues faced by Island B&Bs last month, said: “I am pleased that the Government has listened to the needs of small businesses and in particular B&Bs who I know have been struggling.

“I hope that Island B&Bs will feel supported through this difficult time by this new funding. I look forward to hearing from the IW Council about how they intend to distribute the money as and when they receive more details.”

The announcement for additional support for small businesses follows the news of the Government’s £6.1 million fund – announced last week – to help high streets and town centres through the pandemic.