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How do I get the #government £3,000 coronavirus #grant?The Treasury has announced a £3,000 grant for businesses that do not pay business rates to help them survive the coronavirus pandemic – how do you apply for it?

By 17th March 2020 No Comments

How do I get the government £3,000 coronavirus grant?

UPDATED: The government has announced small businesses that already pay little or no business rates will be eligible for a one-off coronavirus grant worth up to £3,000.

For a commercial property with a rateable value of £12,000, this is one quarter of its rateable value, or comparable to three months of rent.

Around 700,000 businesses in England currently eligible for Small Business Rate Relief (SBBR) or Rural Rate Relief can apply for the emergency funding.

The additional £2.2bn of funding for local authorities who collect business rates is part of a package of fiscal measures to help small business survive the coronavirus pandemic.

However, it is not yet clear how businesses will access the grants.

And the £3,000 coronavirus grant only applies to small business in England. Business rates in Scotland, Wales and Northern Ireland are set by their devolved administrations.

This comes on top of the government announcing in the 11 March Budget that companies in the retail, leisure and hospitality sectors with a rateable value of less than £51,000 will not pay any business rates this year. This includes hotels, restaurants and coffee bars.

The discount that pubs receive on their business rates will increase from £1,000 to £5,000, as long as their rateable value is below £100,000 in England.

In total, around 900,000 properties, or 45 per cent of all business premises in England, will not pay rates in 2020-21.

The government will also review the long-term future of business rates, a property tax which many say is unfair given the rise of online shopping and out-of-town retail parks.

Scotland announces £80m small business grant fund

The Scottish government has announced an £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19.

Small businesses that want to apply for the £80m grant fund should contact the business coronavirus helpline. The business helpline number is 0300 303 0660. The helpline will be open Monday to Friday 8.30am to 5.30pm.

The £80m grant fund is part of a £320m package of measures announced to help small businesses weather the coronavirus crisis.

• 75 per cent rates relief for retail, hospitality and leisure sectors with a rateable value of less than £69,000 from 1 April 2020
• an £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19
• 1.6 per cent rates relief for all properties across Scotland, effectively reversing the planned below inflation uplift in the poundage from 1 April 2020
• Fixed rates relief of up to £5,000 for all pubs with a rateable value of less than £100,000 from 1 April 2020

 

This article is care of https://smallbusiness.co.uk/

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Tim Kelly

Tim Kelly

Tim is a highly qualified Independent Engineer with over 20 years experience as an Engineering Assessor of damaged vehicles.