The Government is making additional funding available to allow us to further support Small Business. This money is in addition to the Small Business Grants Funds and the Retail, Hospitality and Leisure Grants Fund announced last month.
Prioritised for these types of business
- Small businesses in shared offices or other flexible workspaces. Examples could include units in industrial parks, science parks and incubators which do not have their own business rates assessment
- Regular market traders with fixed building costs, such as rent, who do not have their own business rates assessment
- Bed & Breakfasts which pay Council Tax instead of business rates
- Charity properties in receipt of charitable business rates relief which would otherwise have been eligible for Small Business Rates Relief or Rural Rate Relief.
If your businesses is not on the above list, you may still apply and will need to supply evidence it falls into one of the following categories:
- Businesses which occupy property, or part of a property, with a rateable value or annual rent or annual mortgage payments below £51,000.
- Businesses which can demonstrate that they have suffered a significant fall in income due to the COVID-19 crisis
- Business with fewer than 50 employees
- Businesses that were trading on or before 11th March 2020.
There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. Local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
Businesses which are eligible for the existing grant schemes or Self-employed Income Support Scheme will be ineligible for this grant. Businesses which received the Small Business Grant Fund (where businesses in England who are in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief (RRR) in the business rates system were eligible for a payment) are also ineligible for this Discretionary Grant.
Click on the link below to read about the Guidance published on the Government website on 2nd May:
Check out your local authority website to see if this is available in your area and if you are eligible!
Tom Bathgate MBA