Craig Tracey MP welcomes over £34 million of cash support for small businesses in North Warwickshire and Bedworth

  • 1870 small businesses in North Warwickshire and Bedworth receive over £22 million in grants as part of Government’s coronavirus support so far

 

·        The Government has provided more than £12 billion to local authorities to distribute through the Small Business Grants Scheme, with more than £6 billion already paid out nationally.

·        North Warwickshire Borough Council have been allocated £13.1 million for 1,164 businesses and Nuneaton and Bedworth Borough Council have been allocated £21.6 million to distribute to 1696 businesses.

·        So far, 704 businesses in North Warwickshire have received £8.1 million whilst 1166 businesses in Nuneaton and Bedworth have received £14.3 million – with both councils working to distribute the remainder to eligible businesses.

The Small Business Grant Scheme forms a small part of the Government’s historic support package to help small businesses through this extraordinary time, including:

  • Helping to pay people’s wages through the Coronavirus Job Retention Scheme, with businesses in North Warwickshire and Bedworth now able to access the support to pay the wages of their furloughed staff, up to £2500, per worker, per month until June 30th.
  • The Coronavirus Business Interruption Loan Scheme, helping small and medium sized businesses access Government backed loans of up to £5 million, interest free for 12 months.
  • Giving all businesses in the retail, leisure and hospitality sectors total business rate relief for 12 months.
  • Helping all small and medium sized businesses with the cost of paying Statutory Sick Pay for employees off work due to COVID-19.

Craig Tracey MP commented:

‘’As a former small business owner myself I know that, aside from concerns about their health, many businessowners will have huge financial worries at this time. 

 

There is no doubt that COVID-19 has had a vast impact on our local economy, with this impact often felt most clearly and painfully by small businesses, and I was encouraged by the Government acknowledging the importance of specific measures for small businesses in the vast support package. 

 

I have been working with numerous small businesses in my constituency who had real concerns about their future viability without support. It is hugely reassuring to report that Treasury support has already reached 1850 businesses, across both North Warwickshire, Nuneaton and Bedworth. I have seen how this money is already in action, helping to protect both businesses and people’s livelihoods. 

 

Now more than ever, it is hugely important that people have the financial support, whether that be through money for small businesses, the furlough scheme or support for the self-employed, so that they are able to focus on doing the right thing: staying at home, protecting the NHS and saving lives - without worrying about paying the bills. ‘’