Tens of thousands of businesses, including local cafés, florists and beauty salons, have until midnight on Friday to apply for emergency coronavirus support from their local council.
An estimated 69,543 small businesses that are eligible for crisis funds are yet to sign up for the government's grant, according to latest figures, with the deadline looming on August 28.
In total, businesses face losing out on £1.5billion worth of support, analysis by Money.co.uk found.
On average, local authorities have paid out £12,000 to struggling businesses, including restaurants, estate agents and music venues.
Businesses struggling to stay afloat during the pandemic should immediately check to see if they are eligible for government support before it is too late.
There are 28 local authorities that have so far paid out more money in grant funding than initially accounted for.
In total, these councils have underestimated grant funding by over £61million so far.
The average grant is estimated at £12,269 and can be used to pay wages, cover building costs and other expenses such as rent.
Salman Haqqi, personal finance expert at Money.co.uk, said: "Back in March, the chancellor announced a whole host of emergency measures to try and protect the economy from the impact of the COVID-19 pandemic.
"This included the Small Business Grants Fund (SBGF) scheme and Retail, Hospitality and Leisure Business Grants Fund (RHLGF), both of which end on Friday.
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"With the deadline for grant applications fast approaching, it is imperative that businesses that need support and are yet to claim, assess their financial situation and if needed submit their claim urgently.
"While there has been much confusion in the past with regards to eligibility, now is the last opportunity for businesses to find out if they are eligible and how much funding they could apply for. With this in mind, we have pulled together a coronavirus business guide to help business owners understand what support they are eligible for."
How to apply
Most councils say they have already contacted eligible businesses with details on how to apply, however if you haven't heard from your local authority, get in touch now to see if you're entitled to any emergency help.
The grants, which can be as high as £25,000, are not loans which means they do not have to be paid back.
The grant includes businesses such as the following:
- Shops
- Restaurants, cafés, bars and pubs
- Cinemas or live music venues
- Estate agents and letting agencies
- Assembly or leisure properties, such as bingo halls, sports clubs, gyms and spas
- Hospitality properties, such as hotels, guest houses and self-catering accommodation
If your business property has a rateable value of £15,000 or under and was eligible for small business rates on March 11, 2020, your business will qualify for a £10,000 grant.
Retail, hospitality or leisure businesses with a rateable value below £51,000 also have until Friday, August 28, to apply for a £10,000 or £25,000 grant.
You'll need to contact your local authority directly to apply. If you're unsure about which council to contact, enter your postcode here and you'll be directed to the right department.
