The Small Business Grant Fund and the Hospitality and Leisure Grant Fund do not have an implementation deadline.
The schemes will be administered by local authorities.
The government’s loans scheme for coronavirus-struck businesses has been criticised by a former governor of the Bank of England, as it emerged that loans processed amount to little more than 1 per cent of the enquiries received.
Lord King, who was head of the bank during the 2008 financial crash, said it was clear “something has gone wrong” with the scheme.
Just 4,200 loans have gone out to businesses in the three weeks that the scheme has been running, the business secretary Alok Sharma said this morning. There are estimated to have been 300,000 enquiries so far.
“I am worried about it because the economy will recover quickly only if we can keep the businesses that existed and the beginning of it still functioning,”
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