There’s been lots of talk about what’s available for business owners over the past week – YES, it’s only been a week since the govt launched their relief packages to help the economy – seems like a lifetime ago.
While our accountants and financiers get their heads around what’s available and how to access it, business owners are left wondering the same thing: When is it available? How do I apply? Am I eligible?
The full details can be found on the govt website using the following link:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
For now, let’s get down to business and focus on the: Small Business Grant and the Coronavirus Business Interruption Loan scheme.
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief.
Eligibility: Your business is eligible for this grant if you have a property on which you pay rates.
How to Apply: You don’t need to do anything yet. Your local council will get in touch directly with you and arrange the payment of funds. If you are eligible, you will receive the full £10,000.
When will it be available? The govt has said early April while they work out the logistics of disseminating information and funds. We will be posting updates regularly on our FB and blogs but look out for announcements on the govt website and your local council website. - Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
Eligibility: If you operate in the retail, hospitality, and/or leisure sector.
For businesses with a rateable value of under £15,000 will get £10,000.
For businesses with a rateable value of between £15,001 and £51,000 will get £25,000.
How to apply: You don’t need to do anything yet. Your local council will get in touch directly with you and arrange the payment of funds.
When will it be available? The govt has said early April while they work out the logistics of disseminating information and funds. We will be posting updates regularly on our FB and blogs but look out for announcements on the govt website and your local council website. - The Coronavirus Business Interruption Loan Scheme is offering loans of up to £5 million for SMEs through the British Business Bank. They provide access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.
Eligibility: Your business is UK based with a turnover of no more than £45 million per year.
Also, your business will need to meet the other British Business Bank eligibility criteria.
How to apply: You can apply now directly with your bank or an accredited lender listed on the British Bank Website. We can help advise you and decide which lenders you should be approaching