Yesterday, the Chancellor announced a further £617m is being made available to help support those businesses that aren’t able to get the Small Business Rates Relief Grant. This new amount of funding will help businesses like those in shared spaces, regular market traders and small charity properties that meet SBRR criteria and bed and breakfasts that pay council tax instead of business rates.
To be eligible a business must be small, have under 50 employees and be able to demonstrate that they have suffered a significant drop in income due to Covid-19.
So far all that has been said is that there will be three levels of grant payments with the largest being £25,000. Further information will be sent to the local authorities on how to distribute these grants to the businesses that are eligible.
As more information is released about this new loan I will update it on the blog.
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.
UK: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
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/