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Apr 22, 2020

Grant Funding For Businesses


As part of the UK's coronavirus business support package, the government has distributed £12.3 billion to local authorities in England...

As of 20th April 2020, £6.11 billion had been paid out to 491,725 business properties, approximately half of the grant funding allocated (49.58%).

The Small Business Grants Fund is a £10,000 grant per eligible business, originally announced at Budget. Businesses included in this scheme are those which on 11th March were eligible for relief under the Small Business Rate Relief Scheme (including those with a rateable value between £12,000 and £15,000 which receive tapered relief) or the Rural Rate Relief Scheme.

The Retail, Hospitality and Leisure Business Grants Fund was announced by the Chancellor on 17th March. Businesses in scope will be those that were eligible on 11 March for a discount under the Expanded Retail Discount scheme and with a rateable value of less than £51,000:

  1. eligible businesses in these sectors with a property that has a rateable value of up to and including £15,000 will receive a grant of £10,000
  2. eligible businesses with a property that has a rateable value of over £15,000 and less than £51,000 will receive a grant of £25,000

Grants will be provided in respect of each property (hereditament); therefore, businesses with multiple outlets would receive more than one grant and may receive grants from separate local authorities.

 

Image: Crown Copyright 

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