The amount of government-funding to be passed on to businesses hit by the coronavirus outbreak has been confirmed, with south-east London authorities to receive more than £120m to support firms in their boroughs.

The government announced grant allocations for local authorities across England on Thursday, as part of Small Business Grant Fund (SBGF) and the Retail, Hospitality and Leisure Grant (RHLG) measures announced by Chancellor Rishi Sunak last month.

It’ll see Bexley Council receive £36,438,000, while the Royal Borough of Greenwich will receive a similar figure at £36,852,000.

Bromley, the most populous of the south-east London councils, will receive £52,482,000.

Greenwich Council leader Dan Thorpe revealed on Thursday the authority had already sent out more than £5m of the small business grant fund in just two days.

“We have received lots of enquiries from businesses over the last week about the much-needed financial support announced by the Government. By the end of today we will have sent out over £5m  of the small business grant fund in just two days,” he said, adding payments have been made via the faster payment system, which means the funds hit business accounts within two hours .

A survey of local businesses conducted by the council found out of 450 responses:

  • 26% have already had to make staff redundant
  • 48% are concerned they will need to lay off staff
  • 65% fear they will cease trading altogether due to cash flow challenges

The unprecedented lockdown announced to combat the deadly Covid-19 virus, which forced hundreds of businesses to suspend operations virtually overnight, saw the government hatch a range of measures to support businesses and workers hardest hit

Under the Small Business Grant Fund (SBGF) all businesses in England in

receipt of either Small Business Rates Relief (SBRR) or Rural Rates Relief

will be eligible for a payment of £10,000.

The Retail, Hospitality and Leisure Grant means eligible business will be able to receive between £10,000 and £25,000 in support.