The government announced last month that it would make the cash lifelines available to business owners in the hospitality and leisure sectors, which suffered with having fewer people visiting them over what is traditionally a busy festive season.
The council said it was in the process of processing the 175 applications and expected more to come in.
A spokesperson said: “Melton Borough Council’s online grant application for the Omicron grant means eligible businesses receive either £2,667, £4,000 or £6,000 dependant on their business rateable value.
“The government has allocated £ 588,042 to the council for this purpose.”
The government has allocated a further £106,000 as a top up its ARG funding, which includes the Omicron Discretionary Business grant.
The council says it has processed 117 applications and first payments should reach accounts early next week.
Go to www.melton.gov.uk/coronavirus/business-support/business-support-hub-covid-19/ to apply.