In addition to the Coronavirus Business Interruption Loan Scheme, the Chancellor has announced an emergency package of financial support for small businesses.
Small businesses, who currently pay little or no business rates and are eligible for small business rate relief (SBBR) or rural rate relief, will now be eligible for grants of £10,000 to help meet business costs. The cash grants will be made available through local authorities from early April. Eligible businesses will be contacted directly with details on how to access the grant.
The government has also announced that businesses in the retail, hospitality and leisure sectors with a rateable value of between £15,000 and £51,000 will have a rates holiday for the 2020 to 2021 tax year and can apply for a £25,000 cash grant to support them through coronavirus. Details on eligibility and how to apply for the grant should be directed to the relevant local authority.
The Department for Business, Energy & Industrial Strategy has launched a dedicated helpline, where small business owners in England can get advice on how to minimise and cope with the impact of coronavirus. Contact 0300-4563565 or email firstname.lastname@example.org
We will update this article on an ongoing basis as new information becomes available.