Support for Businesses - Grants
Posted on 3rd April 2020 at 16:34
As it stands, grants are only available to businesses who have business premises and are registered with their local authority for business rates. Even if you qualify for Small Business Rate Relief (SBRR), you could be eligible.
The Government will provide an additional £2.2 billion funding for local authorities to support small business that already pay little or no Business Rates because of SBRR. This will provide a one-off grant of £10,000 to around 700,000 businesses currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs. For a property with a rateable value of £15,000, this would represent 2/3rds of their rateable value, or comparable to around 8 months of rent.
This grant only applies to businesses in England, as business rates in the rest of the UK are set by their devolved administrations. In response to the Prime Minister’s previous announcement to limit social contact within pubs and restaurants, the Chancellor has extended 100% business rates relief for 12 months for any business with the retail, leisure and hospitality sectors, for example, hotels, restaurants and coffee shops., regardless of their size. Also, companies with a rateable value of less than £51,000 will be eligible for a cash grant of up to £25,000. This discount pubs receive on their business rates will increase to £5,000, as long as their rateable value is under £100,000 in England. In Scotland, an £80million 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.
• 75% rates relief for retail, hospitality and leisure sectors with a rateable value of less than £69,000 from 1st April 2020.
• Fixed rates relief up to £5,000 for all pubs with a rateable value of less than £100,000 from 1st April 2020.
I rent a room from a friend and I am not on an actual lease, will I still receive it?
You will need to have been claiming SBRR as at 11th March 2020, so you are best to check with your landlord and/or the local authority
If I have more than one premises, will I be able to get more than one grant?
In theory, yes, as long as both premises qualify.
If I have a home office, can I claim the grant?
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