Under the Retail and Hospitality Grant Scheme businesses can access cash grants of £25,000 for each property with a rateable value of £15,001-£51,000 and £10,000 for each property with a rateable value of £15,000 or lower.
Details of the properties that will benefit from the relief can be found here.
Small businesses which occupy premises and already receive small business rate relief or rural rate relief are eligible for a one-off grant of £10,000 to help meet their ongoing business costs. Scotland & Wales have announced similar grant schemes.
The link for information on the Scottish Scheme can be found here.
Please contact your local authority to confirm if you are eligible for a grant.
12-month business rates holiday for all retail, hospitality and leisure businesses in England and Scotland for the 2020 to 2021 tax year.
Each local authority should adjust the next council tax bill to remove the business rates charge.
To estimate the saving for your business please use the calculator here. (based on English rates).
Businesses may also be able to request Hardship Relief via their local authority.
Business rates holiday for retail, leisure and hospitality businesses: https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19#support-for-retail-hospitality-and-leisure-businesses-that-pay-business-rates
Business rates holiday for nurseries: https://www.businesssupport.gov.uk/business-rates-holiday-for-nurseries/
The Coronavirus Business Interruption Loan Scheme (CBILS) will provide UK businesses with an annual turnover of no more than £45m a loan of up to £5m interest-free for 12 months under a British Business Bank (BBB) scheme, where the Government provides the lender with a guarantee for 80% of each loan (subject to a per-lender cap on claims) and covers the cost of the first 12 months of interest.
Access to CBILS is through 40 BBB accredited lenders and further details can be found here.
Before applying, businesses are strongly advised to speak to their existing bank lender(s) and/or seek advice from our team if they wish to access CBILS. Access to the scheme can be found here.
Applications for both loan schemes have now been extended to 31st January 2021 and the repayment time for Bounce Back Loans has been extended from six years to ten.
You now have until 31 January 2021 to apply, but don’t delay in applying as most lenders will require you book a background-check appointment.
There's now the option to 'top up' your Bounce Back Loan. This is applicable to businesses that haven't already borrowed the maximum amount permitted under the scheme (ie, 25% of total turnover). This option can only be used once, and it should be available to businesses from the week commencing 9 November. More details are expected to follow shortly.
Here is a summary of terms of the Bounce Back Loan: