Tuesday, 24 March, 2020
Business grant funding and business rates holidays are being provided for retail, hospitality and leisure businesses in England.
Responding to the coronavirus outbreak, the Government announced there would be support for small businesses and those in the retail, hospitality and leisure sectors. This support will take the form of two grant funding schemes.
Under the Small Business Grant Fund (SBGF), all businesses in England in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief (RRR) in the business rates system will be eligible for a payment of £10,000.
Under the Retail, Hospitality and Leisure Grant (RHLG), businesses in England in receipt of the Expanded Retail Discount (which covers retail, hospitality and leisure) with a rateable value of less than £51,000 will be eligible for the following cash grants per property:
Businesses do not need to take any action to apply for these grants. Their local authority will write to them if they are eligible for grant funding. The Government will reimburse local authorities when they pay out these grants to eligible businesses in their area.
Business rate holiday changes will apply to the next council tax bill in April 2020.
These schemes were originally announced at Budget 2020 and the level of funding was increased in a statement from the Chancellor on 17 March 2020.
More details can be accessed on the GOV.UK website