Support for Businesses – Grants

HM Treasury

Currently – grants are only available to businesses who have business premises and are registered with their local authority for business rates. You could even be eligible if you qualify for Small Business Rate Relief.

 

Details:

The government will provide an additional £2.2 billion funding for local authorities to support small businesses that already pay little or no Business Rates because of Small Business Rate Relief (SBBR). Around 700,000 businesses currently eligible for SBRR or Rural Rate Relief, could be provided a one-off grant of £10,000 (previously announced at £3,000 in the budget), to help meet their ongoing business costs.

For a property with a rateable value of £15,000, this embodies 2/3rd of their rateable value, or equivalent to roughly 8 months of rent.

This grant only applies to businesses in England, this is because business rates in Scotland, Wales and Northern Ireland are governed by their delegated administrations.

In response to the Prime Minister’s previous statement to restrict social contact in pubs and restaurants, the Chancellor has prolonged 100% business rates relief for 12 months for all businesses within the retail, leisure and hospitality sectors (this includes hotels, restaurants and coffee bars), irrespective of size. Furthermore, companies with a rateable value of less than £51,000 will be eligible for a cash grant of up to £25,000. Further details are expected within a few days. The discount that pubs receive on their business rates will increase from £1,000 to £5,000, as long as their rateable value is below £100,000 in England.

In Scotland, an £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19 has been announced by Scottish government.

Scottish Enterprise has launched a business helpline to provide businesses across Scotland with information and support on COVID-19. The business helpline number is 0300 303 0660 and will be open Monday to Friday, between 8.30am to 5.30pm.

  • The £80m grant fund is part of a £320m package of measures announced to help small businesses weather the coronavirus crisis.
  • 75% rates relief for retail, hospitality and leisure sectors with a rateable value of less than £69,000 from 1 April 2020
  • An £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19.
  • 6% rates relief for all properties across Scotland, effectively reversing the planned below inflation uplift in the poundage from 1st April 2020
  • Fixed rates relief of up to £5,000 for all pubs with a rateable value of less than £100,000 from 1st April 2020

 

Keep an eye on our Coronavirus News Page for the latest information

 

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Whilst every reasonable endeavour has been made to ensure that all information provided on Our Site will be accurate and up to date, We make no warranty or representation that this is the case.

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