More than £23m in grant funding has been handed over to Hull businesses hit by coronavirus since an online application form went live on Friday.
The local authority is distributing £58m in grant funding on behalf of the Government, with more than 4,000 businesses in the city expected to be eligible.
The online form allowing businesses in the city to apply went live last week.
Already, £23.4m has been paid out to Hull businesses after more than 2,100 applications were processed – which is more than 40 per cent of grants expected to be distributed.
Councillor Daren Hale, deputy leader of Hull City Council, said: “The council is providing support to all those eligible businesses and has ensured since we have been in receipt of funding from Government that money is now flowing to the city’s businesses.”
But the council has clarified that not all businesses in the city are eligible for the grants.
A £10,000 Small Business Grant is payable to all types of small businesses responsible for paying the rates on premises with a rateable value of less than £15,000
And a Retail, Hospitality and Leisure Grant is payable to businesses with a Rateable Value from £15,000 to £51,000 on premises which are wholly or mainly used for retail, hospitality or leisure purposes.
Support is available from Government for business across the country in the shape of loans, meeting salary costs of furloughed staff and making payments to the self-employed.
Businesses which do not qualify for the grant funding can learn more about Government support here.
David Bell, Hull City Council’s director of finance, said: “Hull City Council is working successfully to process claims, many of which are going through quickly, as evidenced by the number of applications which have already been processed.
“We are working as quickly as possible to both answer queries from Hull businesses and process outstanding claims within the rules set by Government.
“The Government has set up a number of initiatives to help businesses, including meeting the salary costs of furloughed staff and making payments to the self-employed. Councils have been asked to administer the reduction of rates and distribution of grants based on rates payable, within rules set by the Government.”
Full details about the Covid-19 Grant Funding Schemes can be found on the council’s website.