We are pleased to note that government small business coronavirus grants are now arriving with our clients and other small businesses. This scheme pays a fixed amount of £10,000 to businesses who qualified for small business rates relief on 11 March 2020 – this is generally businesses with a rateable value of up to £15,000 who occupy a single property. Note that the grant applies to those with rateable values between £12,000 and £15,000 who were receiving tapered relief and that the amount of the grant is not affected.
Those in the retail, hospitality and leisure sector with rateable values of between £15,001 and £51,000 receive an enhanced grant of £25,000.
These payments are made as a grant and NOT a loan, so do not have to be repaid.
The grant scheme is being administered by local authorities as they are tied to the business rates system. As a result, the payments will be made by the billing authority responsible for the property concerned. Although local authorities will be contacting ratepayers about the matter, we would strongly advise that eligible businesses preempt this by making an application where possible. There are links to local application forms on our website >>here<<
Do make sure you claim what is rightfully yours!
