Business secretary Alok Sharma on Wednesday (1 April) confirmed local authorities had so far received £12 billion worth of the funds following an initial payment of £3.4 billion last Friday (27 March), and stressed the Treasury has made it clear the money “must reach businesses as quickly as possible”.

It comes after the Treasury said cash grants of up to £25,000 were starting to be paid into some businesses’ bank accounts.

Meanwhile, all businesses in the retail, hospitality and leisure sectors, including travel agents, with a rateable value of less than £51,000 are eligible for the business rates “holiday”.

The grants and rates relief come in addition to the government’s job retention and self-employed income support schemes.

“When this crisis passes, we are ready to bounce back,” said Sharma in the government’s daily coronavirus press briefing on Wednesday, during which he confirmed the £12 billion figure so far supplied to local authorities.

“I held a call with hundreds of local authorities across England and made clear that this money must reach businesses as quickly as possible,” added the business secretary.

Sharma also called on banks to ensure government-backed loans of up to £5 million, made available to businesses, are accessible promptly to businesses.

“It would be completely unacceptable if any banks were unfairly refusing funds to good businesses in financial difficulty,” said Sharma.

“Just as the taxpayer stepped in to help the banks back in 2008, we will work with the banks to do everything they can to repay that favour and support the businesses and people of the United Kingdom in their time of need.”

He added the Treasury was aware the schemes would “not be perfect from the outset” and vowed to listen to feedback to ensure businesses get the support they need.

The travel sector has so far been broadly supportive of the government’s measures to sustain businesses and protect jobs, although some industry figures have questioned whether the support for self-employed workers in the travel sector goes far enough.

A snap poll of nearly 100 TTG readers on Wednesday found 33% of respondents were encouraged by the measures, but were awaiting confirmation or clarity of what they were entitled to.

However, a further third (35%) said the measures were not applicable and the government must look at introducing additional support.