I want to try and keep the information as clear and as simple as I possibly can for everyone, so I won’t be writing out everything again, I will just be writing out the highlights.
1) Support for Businesses that pay little or no business rates:
The amount of the grant has been raised to £10,000 if your business is eligible for SBRR or Rural Rate Relief. You don’t need to apply for this and should be contacted by your local authority. The funding will be provided to local authorities in early April and the government will provide guidance to them shortly.
2) Support for businesses that pay business rates:
A business rate holiday is being introduced for retail, hospitality and leisure businesses in England for the 2020/2021 tax year. The government has also said that for businesses with a rateable value between £15,000 and £51,000 a £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises. The government will provide guidance to local authorities for the business rates holiday by March 20th, 2020.
3) Coronavirus Business Interruption Loan:
The amount a business can claim has been increased to up to £5 million in value. The first 6 months of the loan will be finance interest-free as the government will cover the first 6 months of interest payments.
If you have appropriate policies based on the government advising people to avoid your business, your insurance firm will payout. Your insurance would need to say that cover is provided for both pandemics and government-ordered closures. Please contact your insurance company to see if you are covered.
The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.
Northern Ireland: https://www.nibusinessinfo.co.uk/
I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/