{"id":20056,"date":"2020-04-08T14:28:25","date_gmt":"2020-04-08T14:28:25","guid":{"rendered":"https:\/\/smh.group\/?p=20056"},"modified":"2023-02-15T13:49:40","modified_gmt":"2023-02-15T13:49:40","slug":"business-rates-and-grants-available-during-covid-19","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/business-rates-and-grants-available-during-covid-19\/","title":{"rendered":"Business rates and grants available during Covid-19"},"content":{"rendered":"\n<p><strong>The government has also provided a\npackage of temporary measures to support businesses through the period of\ndisruption caused by Covid-19. The measures you can access differ if your\nbusiness is in Scotland, Wales or Northern Ireland, with additional detail\nbeing released regularly.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Retail, hospitality and leisure sector<\/strong><\/h2>\n\n\n\n<p>A business rates holiday will automatically\nbe given to businesses with property that is wholly or mainly being used in\nthis sector. Nurseries also qualify.<\/p>\n\n\n\n<p>You may also be entitled to a cash grant\ndepending on your property\u2019s rateable value:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u00a310,000 if rateable value is\n\u00a315,000 or less.<\/li><li>\u00a325,000 if rateable value is\nover \u00a315,000 but less than \u00a351,000.<\/li><\/ul>\n\n\n\n<p>Premises occupied for personal use are\nexcluded, and there is also no relief for anyone working from home and\ntherefore not paying business rates.<\/p>\n\n\n\n<p>Your local authority will write to you if\nyou are eligible for a grant, so you do not need to act directly. All local\nauthorities have apparently already received the necessary funding.<\/p>\n\n\n\n<p>You can check here to see if your business is within the retail, hospitality and leisure sector <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/875613\/Expanded_Retail_Discount_Guidance_25.03.20.doc.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"here (opens in a new tab)\">here<\/a><\/span><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Small businesses<\/strong><\/h3>\n\n\n\n<p>Other businesses can qualify for a \u00a310,000\ngrant if they have a property that qualifies for small business rates relief\n(rateable value \u00a315,000 or less). You might not even be aware you qualify\nbecause no rates will have been paid if your property\u2019s rateable value is\n\u00a312,000 or less. You will also receive the grant if you qualify for rural rate\nrelief.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You must have been receiving\nsmall business or rural rate relief on 11 March 2020 to qualify.<\/li><li>You cannot get this grant as\nwell as a retail, hospitality and leisure sector grant.<\/li><li>Also, (and this covers both\ntypes of grant) a business is only entitled to one grant regardless of the\nnumber of properties that qualify.<\/li><\/ul>\n\n\n\n<p>Again, there is no need to do anything as\nyour local authority will write to you. All local authorities have already\nreceived the necessary funding. Implementation is being rolled out but will\nvary across authorities according to when they are able to put measures in\nplace. <\/p>\n\n\n\n<p>On\n2 April, the Chancellor announced revisions to some of the business support\nmeasures. <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers-and-businesses-about-covid-19\/covid-19-support-for-businesses#support-for-businesses-through-the-coronavirus-business-interruption-loan-scheme\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Coronavirus Business Interruption Loan Scheme (opens in a new tab)\">Coronavirus Business Interruption Loan Scheme<\/a><\/span><\/strong> (CBILS) has been extended to cover all small businesses and not just those unable to secure funding commercially. The loan limit is \u00a35m and there will be no interest charged for the first twelve months. <\/li><li>Initially aimed at SMEs with an annual turnover up to \u00a345m, an additional scheme will be put in place for firms with turnover between \u00a345m and \u00a3500m where the government will guarantee 80% of loans allowing banks to offer up to \u00a325m to such businesses. <\/li><li>Banks have now been told they cannot ask for personal guarantees on loans up to \u00a3250,000. Under the <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/protect-eu.mimecast.com\/s\/21J3C2xn8tk2R1Bu18JQV?domain=bankofengland.co.uk\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"corporate financing facility (opens in a new tab)\">corporate financing facility<\/a><\/span><\/strong>, the Bank of England will buy short term debt from larger companies <\/li><\/ul>\n\n\n\n<p>There are likely to be further developments, so let us know if we can help finding your way through by contacting one of our <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\">Accounting &#038; Business Advisory<\/a><\/span><\/strong> on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has also provided a package of temporary measures to support businesses through the period of disruption caused by Covid-19. The measures you can access differ if your business is in Scotland, Wales or Northern Ireland, with additional detail being released regularly.<\/p>\n","protected":false},"author":4,"featured_media":19997,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[366,35,290,499,494,522,30,498,32,413,431],"class_list":["post-20056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-banks","tag-business","tag-business-rates","tag-cbils","tag-coronavirus","tag-coronavirus-business-interruption-loan-scheme","tag-corporate-finance","tag-covid19","tag-grants","tag-small-business","tag-smes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Business rates and grants available during Covid-19 - SMH Group<\/title>\n<meta name=\"description\" content=\"The government has also provided a package of temporary measures to support businesses through the period of disruption caused by Covid-19. 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