Forbes pledged to continue relief on non-domestic rates for an initial extra three months funded by money reimbursed by supermarkets last month (January).
Extending the measure further would require additional funding from the UK Government, she said.
However, she added: "I am now in a position to provide that certainty to business, meeting the number one ask of the business community and demonstrating our commitment to supporting the economy."
The relief will apply for properties in the retail, hospitality, leisure and aviation sectors for all of 2021-22.
"To ensure the resources are targeted at those who need it most, we are working with councils to ensure the application process will be live ahead of bills being issued," Forbes added.
Eyes on Westminster
Pub operators in England are awaiting Chancellor Rishi Sunak's Budget on 3 March and have been calling for an extension of the business rates holiday.
The business rates holiday exempted 358,264 occupied retail, leisure and hospitality properties in England to the tune of £10.13bn according to the real estate adviser, Altus Group, and is due to end on 31 March.
Robert Hayton, UK president of property tax at Altus Group warned: "Ending the holiday too early is one material pressure on company finances that risks affecting the recovery from the pandemic now the end is in sight.
"The Chancellor must use his upcoming Budget to ensure that viable businesses in England are adequately supported through a discerning targeted extension.”
More than 160 CEOs this week signed a letter to Sunak, urging for the extension of measures such as the reduced VAT rate and business rates holiday beyond the spring.