Grant funding is now available for SME businesses
The government continues to provide comfort that it will support businesses and individuals during this unanticipated social and economic climate. In line with that, it has released further guidance on how to access the announced grant funding that would be available to SMEs.
Covid-19 Grant funding
In summary the measures are as follows, both of which are being administered at local authority level:
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief. If your business is eligible, you will be contacted by your local authority automatically. You do not need to do anything. It should be noted that the government has not yet provided the requisite guidance to local authorities and so this funding is not expected to be made available until early April 2020.
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000. Guidance for local authorities will be published by the government by 20 March 2020. In addition, all of these business will receive a 12 month business rates holiday for tax year 2020/21.
These are in addition to the other measures already announced, such the Statutory Sick Pay relief pay package, Coronavirus Business Interruption Loan Scheme etc.
Please see our Covid-19 FAQ page which we will continue to update as the situation evoles.
If you have any questions or queries or would like to chat about planning your course through the next period, please do contact us to have a conversation.