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31 March 2020

Support available to small businesses during Covid-19

Property Update: What support is available to small businesses and those most affected by measures to restrict the spread of Covid-19, particularly in relation to business rates

1. A 12-month business rates holiday for certain businesses in England

The Government has introduced a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.

You are eligible for the business rates holiday if:

  • your business is based in England; and
  • your business is in the retail, hospitality and/or leisure sector.

Properties that will benefit from the relief will be those that are wholly or mainly being used:

  • as shops, restaurants, cafes, drinking establishments, cinemas and live music venues;
  • for assembly and leisure; or
  • as hotels, guest & boarding premises and self-catering accommodation.

Estate agents, lettings agencies and bingo halls that have closed as a result of Covid-19 measures will also be exempted from business rates in 2020-21.

A separate scheme is operating to support nurseries.  

2. Small business grant funding of £10,000 for all businesses in receipt of small business rate relief

The Government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR). This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

You are eligible if:

  • your business is based in England;
  • you are a small business and already receive SBRR; and
  • you are a business that occupies property.

 

3. Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000

The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.

Businesses in these sectors with a property that has a rateable value of up to £15,000 will receive a grant of £10,000.

Businesses in these sectors with a property that has a rateable value of between £15,000 and less than £51,000 will receive a grant of £25,000.

You are eligible for the grant if:

  • your business is based in England;
  • your business is in the retail, hospitality and/or leisure sector; and
  • your business has a rateable value of under £51,000.

Businesses which don’t pay business rates are not included in this scheme.

Properties that will benefit from the relief will be those that are wholly or mainly being used:

  • as shops, restaurants, cafes, drinking establishments, cinemas and live music venues;
  • for assembly and leisure; or
  • as hotels, guest and boarding premises and self-catering accommodation.

You should not need to take any action in order to access these schemes. Local authorities will be writing to those businesses that are eligible.

If you need any further information or advice please get in touch with our property team on 01753 889995 or email enquiries@bpcollins.co.uk.

Emily Halley

Emily Halley

Tel: 01753 278654 | 07341 864401

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