Coronavirus/Covid-19 ACCESS TO GRANTS AND LOANS
Following the Chancellor’s announcement on Tuesday evening we are now in a position to provide an update on accessing government funding during this difficult economic climate;
Support for businesses that pay business rates
A £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority. Guidance for local authorities on the business rates holiday will be published by 20 March.
It appears that this grant needs to be applied for.
Support for businesses that pay little or no business rates
The government will provide additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR). This will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief, to help meet their ongoing business costs.
If your business is eligible for SBRR or rural rate relief, you will be contacted by your local authority – you do not need to apply.
Funding for the scheme will be provided to local authorities by government in early April. Guidance for local authorities on the scheme will be provided shortly.
Support for businesses through the Coronavirus Business Interruption Loan - How do I apply?
Once the scheme launches next week, it's expected to be simple to apply and "should take no longer than a standard application."
The British Business Bank (BBB) says, "any small business interested in CBILS should, in the first instance, approach one of the 40+ accredited lenders with their borrowing proposal.
"If the CBILS lender can offer finance on normal commercial terms without the need to make use of CBILS, they will do so.
"Where the small business has a sound borrowing proposal but no, or inadequate security, the lender will consider the small business for support via CBILS."
Support for businesses paying tax
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
If you are concerned about being able to pay your tax due to COVID-19, you can call HMRC’s dedicated helpline on 0800 0159 559.
Darren Mewse, partner in the firm, said “we are encouraging our clients to use the schemes being made available by the government to preserve the cash in their businesses for as long as possible in these testing times.”
We are open for business as usual and are adequately equipped to work from home and will continue to offer our support.
If you want to discuss your own needs in more detail please speak to your usual contact at robinson+co.