The £11,682,252 is designed to support businesses in restarting after lockdown.
Those in the non-essential retail sector will be eligible for one-off grants of up to £6,000, while businesses in the hospitality, accommodation, leisure, personal care and gym sectors can apply for up to £18,000.
The move is part of the Restarts Grant scheme businesses and comes on top off millions of pounds of support provided to MK Council in Additional Restrictions Support Grants and Local Restrictions Support grants/
There has been more than £150m in support for Milton Keynes since the start of the pandemic.
Ben Everitt, the MP for Milton Keynes North, said: “I’m delighted MK Council is being provided with more than £11 million to support local businesses in Milton Keynes.
“Local businesses will be at the heart of our recovery from coronavirus and need support to help them bounce back strongly and help us build back better for the future.
“I hope the Council will allocate this funding as quickly and efficiently as possible to the businesses who need it most.”
Iain Stewart, the MP for Milton Keynes South, said: “I am pleased with the high uptake by businesses in Milton Keynes for the Restart Grant.
“It shows that Milton Keynes wants to bounce back from the pandemic, and I for one am excited to be able to visit the numerous hospitality venues that are re-opening soon. Hopefully, this money will be distributed by the MK Council in a timely manner.”