Government publishes details on coronavirus grant schemes for small businesses
The government has published details on the COVID-19 support schemes for small businesses and retailers.
The Small Business Grant Fund (SBGF) was announced in the 2020 Budget, alongside the Retail, Hospitality and Leisure Grant Fund. The funds were created in response to the COVID-19 pandemic, and provide financial support for small firms and businesses in the retail, leisure and hospitality sectors.
Under the SBGF, businesses in receipt of either Small Business Rates Relief (SBRR) or Rural Rates Relief (RRR) in the business rates system will be eligible for a payment of 10,000 pounds in line with the eligibility criteria. Businesses with a rateable value of 51,000 pounds or over are not eligible for this scheme. Additionally, businesses which are not ratepayers in the business rates system are not included in the scheme.
Under the Retail, Hospitality and Leisure Grant Fund, businesses that would have been in receipt of the Expanded Retail Discount on 11 March with a rateable value of less than 51,000 pounds will be eligible for cash grants per property. Eligible businesses in the retail, hospitality and leisure sectors with a property that has a rateable value of up to and including 15,000 pounds and less than 51,000 pounds will receive a grant of 10,000 pounds.
Eligible retail, hospitality and leisure businesses with a property that has a rateable value of over 15,000 pounds and less than 51,000 pounds will receive a grant of 25,000 pounds. Businesses with a rateable value of 51,000 pounds or over are not eligible for this scheme.
Further details on the schemes can be found here. Note that these only apply in England. Details on the devolved nations' business rates during the COVID-19 pandemic can be found here: Scotland, Wales, Northern Ireland.