Chancellor Rishi Sunak has outlined a series of measures intended to provide financial support in light of coronavirus COVID-19.
Amongst these are business grant funds including:
Small Business Grant Fund (SBGF)
Retail, Hospitality and Leisure Grant Fund (RHLGF)
The coronavirus (COVID-19) pandemic has caused disruption and uncertainty to businesses around the world. The government are introducing temporary measures to help ease the financial impact of COVID-19 on UK businesses.
Can I get help with my business rates due to COVID-19?
Social distancing to help stop the spread of coronavirus COVID-19 has already had a severe impact on the economy, particularly those sectors reliant on people coming together.
To support businesses, it has been announced that eligible high street business forced to close due to COVID-19 restrictions will be exempt from business rates for 2020-21.
The list of those who are eligible for the 100% grant on business rates includes premises used for the purpose of:
Exemptions on that list have also been removed to allow estate agents, letting agents, and bingo halls to receive the 100% exemption on business rates.
What if I already claim Small Business Rate Relief (SBRR)?
If you are already exempt from business rates (or only pay a small amount) because you claim Small Business Rate Relief (SBRR) or Rural Rates Relief (RRR), then you may be able to receive help through the Small Business Grant Fund instead. This includes a one-off £10,000 grant to help you with ongoing costs.
How do I access the Small Business Grant Fund?
Smaller businesses who are already eligible for Small Business Rate Relief (SBRR) or Rural Rates Relief (RRR) will be contacted directly by their local council authority, rather than making an application for the Small Business Grant Fund.
Is the £10,000 Small Business Grant Fund subject to income tax?
Yes, the grant is subject to income tax, but the expectation is that it will be spent on business expenses, which would nil out any tax on the amount received.