The last few months have been the hardest many businesses have ever had to endure. The constant lockdowns have meant many businesses have been forced to close, and due to the subsequent lack of revenue, many will never reopen. In an attempt to save as many companies as possible, the government have recently pledged a further £4.6 billion in grants to be made available to businesses in the hospitality, retail and leisure facilities. This is a part of their coronavirus support for businesses. This article will tell you all you need to know about the new grant, as well as support you can apply for if your business does not fall under one of the aforementioned industries. You can also find additional information on further support here.
How Does The Grant Work?
The news of more coronavirus support for businesses will certainly be well received. If your business has been forced to close due to the government lockdown and your business is in the industry of hospitality, retail or leisure, you will be eligible for the grant. Chancellor Rishi Sunak is terming the grants as ‘top-ups’ since they are in addition to support you may have previously received (although you do not necessarily have to have had previous support).
The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
There is £4,000 available for businesses with a rateable value of £15,000 or under; £6,000 for businesses with a rateable value between £15,000 and £51,000; and £9,000 for businesses with a rateable value of over £51,000.
The government has also provided 100% business rates relief for retail, hospitality and leisure businesses.
How Can You Access This Coronavirus Support For Businesses?
So far there has been little information as to how one might go about actually receiving the grant, since so far businesses have just been advised to contact their local authorities.
However, since the first lockdown each new form of coronavirus support for businesses has been relatively simple to apply for, and in some cases businesses who have received previous support have been automatically contacted.
Keep an eye on communication from the HMRC and our social media for the latest updates in all coronavirus support for businesses.
What Coronavirus Support For Businesses Can I Get If I’m Not In Retail, Hospitality Or Leisure, But My Business Has Still Been Affected?
If your business has been forced to close due to lockdown but it does not fall under any of the industries that are covered in this scheme you may still be able to access coronavirus support for businesses.
Alongside the scheme, the government also announced that they were going to be giving local authorities close to £600 million in the form of a discretionary fund. The aim of this fund is to give local authorities the ability to provide support on an individual basis.
Again, for this funding you will have to contact your local authorities, but it is worth bearing in mind that a lot of businesses will be doing the same and so you may experience some delays. Therefore you should contact your local authority as soon as possible.
Conclusion
Whilst the government have come under a lot of criticism for their handling of the pandemic so far, it is clear that they have tried to support the hospitality and leisure sector from the start. Since these businesses are among the most affected, these latest grants will be welcomed news to all business owners in those industries. Remember to ensure you contact your local authorities as soon as possible in order to access the support.
In what ways has your business been affected by the Coronavirus? Let us know in the comments section below, or by sharing this article on social media! We will endeavour to keep you up to date on all the latest coronavirus support for businesses.
If you are a UK business who participates in cross border e-commerce, we would be more than happy to provide you with accounting and taxation services, such as Company House registration, confirmation statements, and statutory financial reports. At J&P, helping small businesses is our passion, and we understand that companies across the UK are at risk now more than ever. We are here to support you through the Coronavirus crisis, so please do not hesitate to give us a call on 0161 637 1080 or send an e-mail to enquiries@jpaccountant.com.
