As you will be aware the Government has announced a number of ways to support businesses in response to the Coronavirus situation. They have pledged to provide £20 billion of business rates support and grant funding to help. Detailed information is still coming out, but this is what we know so far. You can now register your business if you think your business falls into one of the categories below for a grant.
GRANT FUNDING
The following is available:
- £25,000 grants to retail, hospitality and leisure businesses with a rateable value from £15,001 and up to £50,999
- businesses eligible for Small Business Rate Relief (SBRR) will receive a one-off £10,000 cash payment
East Herts have announced are waiting for further information from the Government regarding the issue of grants and will provide an update once they have more information. In the meantime you can register your business details if you fall into one of the categories above on there website. We strongly recommend you to do this, because it will speed up the payment process as soon as they are able to release funds.
Please complete the form online here.
BUSINESS RATES
In addition to the above, the Government has also announced:
- 100% business rates holiday for 12 months for all retail, hospitality and leisure businesses
- £5,000 business rates discount for public houses (increased from £1,000) Any business that currently receives retail relief will automatically receive an amended bill showing the adjustment.
For more information about how the council are dealing with this please see here.
