Coronavirus Business Support Grant?

Coronavirus Support

The Business Support Grant and Business Rates Relief were announced by the government to assist businesses during the Coronavirus crisis.

Who is eligible for the Coronavirus Business Support Grant?

All businesses based in England, which qualify for the small business rate relief (SBRR).

An additional relief is available for businesses in England in the retail, hospitality and leisure sectors.

What grants are available to support businesses with Coronavirus?

Businesses which qualify for small business rate relief will receive a one off grant of £10,000.

A grant of up to £25,000 will be provided to retail, hospitality and leisure businesses. To qualify they must occupy premises with a rateable value of between £15,000 and £51,000.

How do I claim the coronavirus support grant for my business?

The £10,000 grant available to small businesses will be provided automatically by your local authority. You do not need to apply for this grant.

The grant of up to £25,000 is not automatic. For any enquiries into your business eligibility you should contact your local authority.

NOTE: Your local authority is typically the council, which provides you with your business rates assessment document each year. For example it is Darlington Borough Council which deals with the business rates in Darlington.

When will my business receive the coronavirus support grant?

Local authorities are expecting to receive the funding from central government in April 2020. We therefore expect local authorities to start paying out grants to small businesses shortly after.

Who qualifies for the business rates holiday?

All retail, leisure and hospitality businesses will qualify for a business rates holiday throughout the next tax year (2020/21).

Conclusion of the Business Support Grant

The grant of £10,000 plus will be very welcomed by those businesses who are eligible to claim. However, there are a lot of businesses, which don’t have premises who will receive nothing from this initiative.

At Patterson Hall Chartered Accountants we aim to provide our clients with the most up to date advice in this ever changing landscape. As soon as any further announcements are made we will be sure to update these blogs and notify our clients.

See below for other Coronavirus support available to small businesses:
Coronavirus Support Summary
What is the Job Retention Scheme?
How to claim the Job Retention Scheme Grant?
VAT Deferral Scheme
Income Tax Deferral
Self-employment Income Support Scheme

DISCLAIMER – Please note that the content contained in this article is for general information only and is not a substitute for professional advice – read our full disclaimer

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