COVID-19 Business grants
Measures announced by government so far include:
- 100% Business rate relief for all businesses in the retail, hospitality and leisure sectors for 2020/21 and 100% Business rate relief for all non-Local Authority child care providers for 2020/21. For these, new bills will be issued to businesses as soon as possible. https://www.gov.uk/government/publications/business-rates-retail-discount-guidance
- Grants of up to £25,000 for businesses in the retail, hospitality and leisure sectors with rateable values between £15,000 and £51,000. Grants of £10,000 for all businesses in receipt of Small Business rate relief or Rural Rate relief. These grants will not need to be paid back. https://www.gov.uk/government/publications/coronavirus-covid-19-guidance-on-business-support-grant-funding
- Full list of support from government and advice to businesses including information about the wage subsidy https://www.businesssupport.gov.uk/coronavirus-business-support/
Additionally, for larger businesses, the Government has introduced a guaranteed loan scheme for any small or medium sized business (with turnover of no more than £41M) that needs access to cash to help with immediate business costs. The scheme will offer loans of up to £5Million, with no interest due in the first 6 months. Support for larger firms will be available through the COVID-19 Corporate Financing Facility. To access these facilities, businesses should contact banks and lenders.
What you need to do now regarding grants
A simple online form needs to be submitted in the first instance – available on www.nelincs.gov.uk/coronavirus – in the “Business grants and support” section.
If you aren’t sure about what measures are available to help your business, or talk through options, email firstname.lastname@example.org in the first instance to arrange a call back from one of the advisors. Someone will call you back to discuss your queries, and make sure you find the information and support you need to make the decisions that are best for your business.
- Government support initiatives have been announced, including Expanded Business Rate Relief for the Retail, Leisure and Hospitality Sectors, and grants of £10-£25,000 to support Small to Medium sized business through this crisis period. The Humber Growth Hub have set up a COVID-19 Business Support page. There is a downloadable information pack on the page which will be updated regularly as information is received – ‘Business Support Interventions for Covid-19 – At A Glance’.
- Businesses should read and follow the online guidance for employees, employers and businesses. If you have a query that isn’t covered by this guidance you can contact the Business Support Helpline on: 0300 456 3565.
- The Small Business Minister and Small Business Commissioner are calling on the UK’s big businesses to speed up payments to their small business suppliers wherever they can to ease COVID-19 related cash flow issues.
- 20 March: The Coronavirus Job Retention Fund scheme will be open to all employers, organisations and charities to apply, and will cover 80% of a person’s salary, up to £2,500 per month. This is for employees that are temporarily not working because of the coronavirus outbreak but remain on the payroll.
The Chancellor also announced further measures to support employers and businesses:
- Deferred the next quarter of VAT payments
- Business rates abolished for hospitality sector
- Increasing the Universal Credit standard allowance by £1,000 per year for the next 12 months
- Increasing working tax credit by the same amount
- Self-employed people can access in full Universal Credit rate equivalent to statutory sick pay
- Next self-assessment payments deferred until January 2021
- Increasing housing benefit and Universal Credit
For all current information on Government support for businesses visit www.gov.uk.
- The Foreign & Commonwealth Office (FCO) advises British people against all non-essential travel worldwide. The COVID-19 pandemic has led to unprecedented international border closures and other restrictions. All countries may restrict travel without notice. Please continue to check FCO travel advice on GOV.UK for the latest updates.