Councils are being urged to distribute the funding to help businesses affected by the increase in rates as ‘speedily and fairly’ as possible.
The Federation of Small Businesses (FSB) warned that one in five small businesses may consider closing down as a result of the new business rate revaluation.
It is calling on councils to allocate the £300m relief fund as quickly as possible to mitigate the impact of the increase.
Mike Cherry, FSB national chairman, said: ‘The promise of a £300m relief fund for local authorities to help those hardest hit is welcome. But we urge councils to make small firms aware of their allocation and finalise the mechanism for distributing it as soon as possible.
‘What we have to remember is that bills have already landed. That being the case, any firm that pays their full business rates without realising they qualify for relief should have their overpayment returned automatically, and swiftly.’