Thursday, 30th April 2020
As announced by the Government, one of the measures put in place to help small businesses is the provision of additional funding which will be made available via local authorities in England.
The additional funding is to support small businesses that already pay little or no Business Rates because of Small Business Rate Relief (SBBR) or Rural Rate Relief.
The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property, depending on the rateable value of the property.
Once up and running, no application will be necessary as councils will contact businesses (based on their business rates records), however no funds will be available until early April.
- One-off grant of £10,000 to businesses currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs.
- Retail, hospitality or leisure businesses with a rateable value under £15,000 will receive a grant of £10,000
- Larger grants of £25,000 for retail, hospitality or leisure businesses operating from premises with a rateable value over £15,000 but below £51,000.
- Your local authority should be able to help with any questions on eligibility (although if you are hoping to claim the Retail and Hospitality grant then you may have to await further Government guidance which has been promised shortly)
How can Onyx help?
Unsure if you qualify? We can review your rates bill and can advise on whether your local authority should have made contact with you.
If you would like us involved, then we will support you during phone calls and meetings and can advise on budgets and forecasts once the funding has been released.
Are your accounts and management information up to date? If not then we can help to bring your accounting affairs up to date.
We can prepare cashflows to show how the extra funding would be better utilised to help sustain your business throughout this time.
Visit our previous articles to access other funding options.
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