Businesses across the country and across the globe are already adapting to the new situation, and here in the UK there will be further Government support measures announced as more schemes are put into place to support business.
The support measures announced to date include SSP recovery, Business cash grants, Business Rate Holiday for the next year in Retail and Hospitality sectors and Government backed loan schemes.
Policies are constantly changing; last week’s Budget announcement has already been superseded and the supporting literature on HMRC website is struggling to keep up.
We have pulled together a summary of the grant position as it stands to date and will look to provide further updates as the situation develops and more information is made available.
All Small Businesses
Any business that already pays reduced or no business rates (because of SBBR or rural rate relief) will receive a £10k grant. They will not need to apply for it. They will automatically be contacted by their local authority. Funding for the scheme will be provided to local authorities in early April. This covers any business with a rateable value up to £15k.
Further help – Businesses in the retail, hospitality and leisure sectors
Businesses in the retail, hospitality and leisure sectors with premises with a rateable value between £15k and £51k can apply for a £25k grant. Further information on all businesses this will cover is due to be released. However, it is likely to be based on qualification for the Retail Discount on business rates in 2019/2020.
Business Rates Holiday
All businesses, irrespective of rateable value, in the retail, hospitality and leisure sectors in England will receive the business rates holiday for 2020/2021. Further information of all businesses this will cover is due to be released. However, shops, pubs, restaurants and hotels should all benefit from the 12-month exemption.
With more measures likely to be introduced over the next few days and weeks, please do check back for the most up to date information, and don’t hesitate to get in touch directly should you have any questions.