Business Rates Grants – an update on access
Business Rates grants were announced as part of the Governments support package for small businesses to deal with the impact of Coronavirus.
- If you’re Eligible for Small Business Rates Relief (rateable value up to £15,000) – you will receive a £10,000 grant.
- For retail, hospitality or leisure businesses, with a property with a rateable value between £15,000 and £51,000 – you will receive a £25,000 grant.
- For all businesses in retail, hospitality or leisure – 12 month business rates holiday.
(*A grant is non-repayable.)
The method to gain access to the Business Rates grants announced by the Government seems to be differing between local authorities.
Initial guidance suggested that no application would be necessary. We’re now hearing that this isn’t quite the case, and you will probably need to fill in a form to access these grants.
As an example, Dacorum Council have an announcement on their website that a letter will be coming out by 6th April. This will include a form to be completed and returned, with funds to arrive within a week of that being received.
We would therefore advise that you regularly check the website of your local authority, and of course keep an eye on the post at the premises they usually write to!
Update 8th April 2020 – Grants are starting to hit bank accounts, so if you haven’t yet heard anything from your local council, please check their website or chase them up. Different councils are approaching the process differently across the country but you need to get those funds out of their bank and into yours!