In the recent 2020 Budget, Chancellor Rishi Sunak announced that small businesses in England, which are currently eligible for Small Business Rate Relief or Rural Rate Relief, will be eligible for a one-off grant of £3,000 to help meet their ongoing business costs through the Coronavirus pandemic.
As of Thursday, 19th March, it was announced that this will be increased to £10,000 per business. The funding for the scheme will be provided to local authorities by Government in early April, however the details surrounding how the scheme will operate have yet to be provided.
It is understood that small businesses do not need to apply and will be contacted directly by their local authority in due course.
However, the advice is that any small business in distress should speak directly to their local authority as soon as possible. Many local authorities have already uploaded guidance on their websites.
*The information set out in this article is correct at the date of publication (20 March 2020). The effect of coronavirus on businesses is a fast-changing area and so it is important to obtain legal advice to ensure you are properly protected. Find out more about the latest Government support for businesses.
If you have any questions regarding the impact of the Coronavirus upon your business or are seeking up-to-date legal advice, contact Paula Eckton on 01202 294 566 or email PaulaEckton@steeleraymond.co.uk.
Alternatively, our entire Company and Commercial Team are available to answer any queries you may have. Please call 01202 294 566.
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