More than \u00a36bn of business grants have been distributed to English small and medium sized businesses through the government\u2019s coronavirus grant schemes.<\/p>\n
A total of 491,725\u00a0grants, worth \u00a36.11bn, have been distributed out of a pot of \u00a312.3bn as of last night, translating into a 49.58 per cent delivery rate.<\/p>\n
Read more: <\/strong>Scottish government does U-turn on coronavirus business grant scheme<\/a><\/p>\n Grants of \u00a310,000 are available to small businesses of any kind with a rateable value of between \u00a312,00 and \u00a315,000.<\/p>\n Companies in the hospitality, retail and tourism sectors are also eligible for an additional grant that is paid per property of their business.<\/p>\n Properties with a rateable value of up to \u00a351,000 are eligible to receive either a \u00a310,000 or \u00a325,000 grant.<\/p>\n The schemes, first announced in chancellor Rishi Sunak\u2019s budget last month, sees the government give funds to local authorities who then distribute it to eligible businesses in their boroughs.<\/p>\n Listen to our daily City View podcast as we chart the economic fallout and business impact of the coronavirus pandemic.<\/em><\/a><\/p>\n London businesses have received \u00a3839.42m of funding through the grant schemes so far out of a possible \u00a31.62bn.<\/p>\n Some boroughs have been better than others at distributing the cash.<\/p>\n Southwark council has managed to distribute 87 per cent of the \u00a370.06m it was given by the government.<\/p>\n Some others have only handed out less than 30 per cent of funds given to them.<\/p>\n London Chamber of Commerce and Industry chief executive Richard Burge said there was \u201cmore work to do\u201d for some boroughs.<\/p>\n \u201cCashflow is fast running out for many SMEs across London and these grants are important to trying to keep them afloat in the short term,\u201d he said.<\/p>\n
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