We are fielding a lot of question from many clients on the current covid19 situation and there has been a lot asked about business eligibility for the small business grant relief and how and when you can get the money.
Grants for small businesses
Crucially, your business is only eligible for a grant if you have a property on which you pay rates. There still is no relief for businesses without a property but if this changes we will let you know.
What is the £10,000 grant for small businesses and how do you receive this?
This scheme is referred to as the Small Business Grant Scheme and it is received via local authorities, it will give grants to small businesses that get small business rate relief (SBBR) and/or rural rate relief (RRR).
The Scheme will give one-off grants of £10,000 to eligible businesses.
Is your business eligible?
You are eligible for a grant under the Small Business Grant Scheme if you match all these criteria:
• your business is based in England, and
• occupies a property, and
• already receives small business rate relief (SBRR) and/or rural rate relief
If you cannot remember if you get one of these types of rate relief check your latest rates bill, the relief is shown on there.
How and when do you get the money?
You don’t need to do anything yet. Your local council will contact you if your business is eligible.
Eligible businesses will get the full £10,000
The Government announced that these grants will be available in early April 2020. To find out exactly when the money will be available, look out for an announcement on the UK Government website or your local council’s website.
£10,000 or £25,000 for retail, hospitality and leisure
This scheme is called the Retail and Hospitality Grant Scheme. It will offer a cash grant of either £10,000 or £25,000 per property to businesses in retail, hospitality and leisure.
Businesses with a rateable value of under £15,000 will get £10,000
Businesses with a rateable value of between £15,001 and £51,000 will get £25,000
Is your business eligible?
You’re eligible for this grant if your business:
• is based in England, and
• operates in the retail, hospitality and/or leisure sector
Similar schemes are available in Scotland and Wales – see below for details.
The Government stated that this Scheme is for businesses with properties entirely or mainly used:
• as shops, restaurants, cafés, drinking establishments, cinemas and live music venues
• as hotels, guest and boarding premises and self-catering accommodation
• for assembly and leisure
Not sure if your business comes under one of these categories, check out the full list of how the Government define them in their guidance on pages 5 to 8 https://bit.ly/39g09XM.
How and when do you get the money?
As with the Small Business Grant scheme you don’t need to do anything yet. Your local council will contact you if your business is eligible.
Eligible businesses will get the full £10,000 or £25,000
To find out exactly when the money will be available, look out for an announcement on the UK Government website or your local council’s website
Can you get both grants?
If your business is eligible for the Small Business Grant Scheme and the Retail and Hospitality Grant Scheme, it seems possible that you may receive both grants. However this isn’t confirmed yet by the Government.
Your local council will currently be organising how to distribute the money and they will contact all eligible businesses. They will be in touch if this is applicable to your business.
For small businesses in Scotland
On 18 March, the Scottish Government announced measures to support businesses in Scotland from 1 April 2020. They include:
• a full year’s 100% non-domestic rates relief for retail, hospitality and tourism
• £10,000 grants for small businesses in receipt of the Small Business Bonus Scheme or Rural Relief
• £25,000 grants for hospitality, leisure and retail properties with a rateable value between £18,000 and £51,000
• 1.6% relief for all properties, effectively freezing the poundage rate next year
• urging local authorities to relax planning rules to allow pubs and restaurants to operate temporarily as takeaways
Read the announcement in full
Latest news from the Scottish Government
For small businesses in Wales
The aid available for small businesses in Wales is similar to that available for businesses based in England but the eligibility criteria are slightly different.
For more information, read Coronavirus: support for businesses on the Welsh Government’s website.
For small businesses in Northern Ireland
The aid available for small businesses in Northern Ireland is similar to that available for businesses based in England but the eligibility criteria are slightly different.
Keep an eye on this page where the Government will publish the information: NI Business Info
Here at SRC-Time we are here to help and are working tirelessly to obtain all the information and let you know of any relevant information as soon as possible. We hope this update is of help, if you require any assistance in relation to this please contact the office on 01273 326 556 or email your account manager, alternatively email info@src-time.co.uk.
Here at SRC-Time, we will endeavour to keep you updated with all the latest information regarding financial aid at this testing time. Please note that the Government makes fresh announcements every day so please ensure that you have the latest information.
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