(Report of Director of Finance and Transformation)
The report outlined proposed changes to the current Covid-19 Additional Relief Fund and set out a number of options to maximise the amount of relief that could be awarded to local businesses.
It was noted that £329,672 of the original allocation provided by Government during the pandemic remained unspent and this would be returned when the deadline for award relief expired on 30 September 2022.
Careful consideration was given to the options set out in the report, together with the legal implications and the financial and value for money implications. Given the current economic climate, the Cabinet felt that local businesses could benefit from additional discretionary relief funding and on balance felt that a combination of Options B and C represented best value for money and financial support. This would provide businesses with grant funding totalling approximately £312,000.
The Cabinet RESOLVED that:
(1) Options B and C, to increase the rateable value limit to £109,999 and include advertising rights in the list of eligible properties be progressed with immediate effect.