Eligible retailers to receive cash grants from local councils
7 Apr 2020
In response to the Coronavirus, Covid–19, the Government announced there would be support for businesses in the retail, hospitality and leisure sectors.
This grant scheme will offer a lifeline to companies who are struggling to survive due to the corona virus shutdown. Local Authorities are advised to make payments as quickly as possible to support struggling businesses.
The councils in Sunderland, Devon and Cornwall, have this week started making grant payments to cover wages, business rates holidays and cash grants, according to the Retail Gazette.
Sunderland City Council has started making grant payments to eligible businesses and organisations to the value of 3.34 million pounds. Payments consist of 10,000 and 25,000 cash grants administered by Sunderland City Council’s Business Rates team.
In Cornwall an estimated 10,000 businesses have received funding to help cope with the impact, with the council having granted over 116 million pounds.
Last week, BDO found that UK high street retailers suffered their worst month on record in March as they were hammered by the Covid-19 lockdown, said the Retail Gazette. The BDO High Street Sales Tracker saw total like-for-like sales fall 17.9 per cent for the month as shoppers stayed indoors.
In-store sales dropped 34.1 per cent after non-essential stores were ordered by the Prime Minister to shut their doors in the face of the pandemic.
Photo credit: Pexels; article source the Retail Gazette