£120 million of funding has been provided to local authorities to provide additional support for businesses where they consider that necessary or justified.
The fund was doubled from its original £30 million to £60 million, and has since been doubled again to £120 million as of 10 February 2021 to allow councils to respond further to local economic pressures.
The aim of this fund is to mitigate the short term financial challenges being experienced by businesses adversely impacted by restrictions and regulations introduced since October to control the spread of COVID-19. It enables individual local authorities to direct additional financial support to specific groups, sectors or businesses within their local business communities who are experiencing immediate financial challenges as a result of current restrictions and regulations.
Local authorities can use this fund at their discretion, and will undertake their own assessment of need and develop application processes accordingly. Information will be published on individual local authority websites.