The business rates loophole, which meant small businesses in shared office space missed a critical £10,000 cash grant, has been closed by the government’s new £617 million funding scheme.
This action came after a petition to the government asking for help gained 22,500 signatures – showing the level of frustration among small businesses across the UK.
The Department for Business, Energy, Innovation & Skills has put the scheme in place to support businesses in shared spaces, regular market traders and small charity properties.
Thousands of small firms and sole traders – including high street staples such as hairdressers, coffee shops and florists – will now be eligible for 100 per cent government-backed Bounce Back Loans to help them survive the coronavirus outbreak.
Business secretary Alok Sharma and the minister for regional growth and local government Simon Clarke spoke to local authorities in England over the weekend about the fund.