London Councils has called for the rateable value threshold to be increased to help more businesses survive the coronavirus pandemic.
It is concerned that many small businesses are excluded from eligibility because of the rateable value of their premises.
London Councils wants the threshold to be increased to at least £100,000 for businesses accessing the Retail, Hospitality and Leisure Grant (RHLG).
London boroughs have delivered an additional £215m in support to London’s small businesses in the past week. However, the current £51,000 limit excludes 24% of businesses in London in comparison to 9% of those outside the capital.
Cllr Clare Coghill, London Councils’ executive member for business, europe, and good growth, said: 'We welcome the huge amount the government has done to date to support businesses and the self-employed but a significant number of London’s well-known and much-loved small businesses are currently ineligible for grants because of the criteria set by the government, which is why we’re calling for an urgent increase to the rateable value threshold.
'Keeping the London economy viable through this challenging period is essential not only for the well-being of Londoners, but also to maintain London’s role as the major net contributor to the UK’s public finances.'