Many of our clients are asking us if their business is eligible for financial assistance from the Government during the Coronavirus outbreak. This post will help answer questions you may have about grants available for small businesses.
Your business is only eligible for a small business grant if you have a property on which you pay business rates. Some clients are already concerned as they do not have a property but operate a small business. The Government has now offered grants for self-employed individuals, details of which can be found here.
What is a Small Business Grant?
The Government is providing additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
Who is eligible?
- You are a small business and receive small business rate relief (SBRR) or rural rate relief (RRR); and
- You are a business that occupies property
How do I claim?
You do not need to do anything. Local authorities have already started writing to eligible business and will write to you if you are eligible for the grant. You can find your local authority by using this link.
What if I need I still need financial assistance in the meantime?
If you cannot wait for the Local Authority to write to you about the Grants for Small Businesses, you might wish to apply for a Coronavirus Business Interruption Loan. Click here for further information.
Additional information can be found here:
Please note this is the guidance as we understand at the time of the announcement. As you are aware, the information is changing on a daily basis and we cannot be held responsible if the advice or guidance changes or if our interpretation does not subsequently prove to be correct.