Coronavirus: Obtaining business grant funding
The UK Government has responded to the virus with a series of measures which are designed to support and sustain businesses and their employees through this difficult time. There are currently two grant schemes available, more detail for each can be found below.
Grant scheme for small businesses
The Government will provide additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR). This will provide a one-off grant of £10,000 to businesses to help meet their ongoing business costs.
Businesses that are currently eligible for SBRR or rural rate relief.
How to access
You do not need to do anything, other than to ensure that the local authority has the information required to make payments to you. Links to council forms can be found below.
The Retail and Hospitality Grant Scheme
This scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.
Businesses in these sectors with a rateable value of:
- under £15,000 will receive a grant of £10,000; or
- between £15,001 and £51,000 will receive a grant of £25,000.
Businesses are eligible if they are based in England and is in the retail, hospitality and/or leisure sector. This includes property that are wholly or mainly used as shops, restaurants, cafes, drinking establishments, cinemas and live music venues. Those being used as hotels and boarding premises and self-catering accommodation.
How to access
Please ensure that your local authority has the required details to make payments to you. If not, we are seeing that local authorities are issuing forms to provide this information to ensure that swift payments are made. Links to council forms can be found below.
If the cash flow need is urgent, it would be advisable to contact your bank to see if a short-term arrangement can be reached until the funding is received.
Not sure which council district your business sits in?
You can use the Government local council locator here
Duncan & Toplis is here to support businesses and we hope we can provide clarity on these important changes as they are announced. For the very latest advice for your organisation, please contact our team.
You can find a full, regularly updated list of measures to support businesses throughout the coronavirus pandemic here