Coronavirus update: £617 million available for businesses in shared offices

The government's Small Business Grants Fund (SBGF) and Coronavirus Business Interruption Loan Scheme have helped a huge number of companies secure their short-to-medium-term survival during the COVID-19 pandemic.

The Coronavirus Job Retention Scheme has also enabled businesses to secure the futures of their employees during these difficult times, while VAT payment deferrals have also aided many companies.

But one major problem with the SBGF was in its eligibility criteria – which is based on each company's rateable value.As many businesses work from shared office spaces without a rateable value, those companies were falling through the cracks of the SBGF scheme.

There is good news for those businesses, however.

Grants available for shared space companies

At the weekend, the Business Secretary Alok Sharma announced plans for a £617 million top-up in funding for the SBGF – with priority given to companies operating from shared spaces and serviced offices with no rateable value.In order to qualify for a grant under this top-up of the scheme, your business must:

• Have ongoing fixed property-related costs
• Have fewer than 50 employees
• Be able to demonstrate a significant drop in income due to coronavirus

How much can my business apply for?

The scheme offers three levels of grant payments up to a maximum grant of £25,000 and payments are at the discretion of local authorities.

Grants of £10,000 are also available, while the local authority can make discretionary payments of any amount under £10,000.

More details on how to apply for the grants are set to be revealed by the government shortly and we'll update this piece as soon as these details are available.

What about businesses that do work from premises with a rateable value?

Grants of £10,000 are available to companies operating from premises with a rateable value of up to £15,000.

Retail, leisure and hospitality companies with a rateable value of between £15,000 and £51,000, meanwhile, can apply for a grant of £25,000.

We've already helped companies operating from our serviced office spaces in Bournemouth secure more than £200,000 in financial support under the government's business support schemes.

For more information on the support available for your business, check out the government website.