Local accountants and tax advisers, Trueman Brown, provide traders an update on the local government grants to support business through the pandemic.
One of the main packages announced by the Government to support businesses during the coronavirus outbreak was the two separate grants: –
Small Business Retail, Hospitality and Leisure Grant
This will provide small businesses trading in the retail, hospitality and leisure sectors with a grant of: –
- £10,000 for small businesses with a property that has a rateable value of £15,000.
- £25,000 for small businesses with a property that has a rateable value of between £15,001 and £51,000.
To be eligible for the grant the business must be based in the UK and must be in the retail, hospitality and/or leisure sector.
Properties that will benefit from the grant will be occupied hereditaments that are wholly or mainly being used:
- as shops, restaurants, cafes, drinking establishments, cinemas and live music venues
- for assembly and leisure
- as hotels, guest and boarding premises and self-catering accommodation.
The only problem is that the Government has not published information relating to how businesses can access this funding. A trawl through a number of local council websites shows that a number of councils re-direct online enquiries back to the main government website. However, Islington Council has stated: –
The Government has announced that it will give us the funding to distribute these grants during the first week of April.
We are also emailing and writing to businesses to let them know that they are eligible for a grant. If you think that you are eligible you can download the ‘Application for the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant form’ to complete and return.
In the same vein, Basildon Council, includes an online application form to make an application for a grant now. They have stated very clearly that if the application approved then businesses should receive payment within 10 days.
Small Business Grant Fund
Local Councils will also be given the funding to provide a grant of £10,000 to the smallest businesses. To be eligible, the businesses must pay little or no business rates and are eligible for small business rate relief (SBBR) or rural rate relief. Both Basildon and Islington Councils have stated on their websites that eligible businesses will be contacted by their local authority – there is no need for the business to apply!
Both Basildon and Islington Councils have stressed that they should receive funding in early April.
What To Do Now?
It is vital that businesses that believe that are eligible for these grants start reviewing their local authority’s website. If the local authority has provided a form to make a claim for these grants, then the business should download the form and make the application now.
Local accountants and tax advisers, Trueman Brown, deliver vital services to small business. Please contact us if you require assistance.
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