On 11 March 2020 the Chancellor of the Exchequer announced in his budget that the government will provide a grant payment to small business but on 17 March 2020 his advice changed.
This is a central Government scheme created and funded by the Department for Business, Energy and Industrial Strategy (BEIS) but it is for the local authority to administer and make the payments. On 31st March 2020 local authorities were provided with the most recent guidance and eligibility criteria for this scheme, which is summarised below.
Small Business Grant Fund
All ratepayers who receive small business rate relief will be eligible for a grant payment of £10,000 so long as they do not fall within the list of exceptions below.
Retail, Hospitality and Leisure Grant Fund
Ratepayers who receive relief for being in the retail, hospitality and leisure sectors will be eligible for a grant payment so long as they do not fall within the list of exceptions below. Ratepayers will receive a payment of £10,000 or £25,000 based on their rateable value (shown on your bill) as follows:
- Rateable value of £15,000 or less will receive a grant payment of £10,000
- Rateable value or more than £15,000 but less than £51,000 will receive a grant payment of £25,000
- Rateable value exceeds £51,000 will not receive a grant payment
The following group are excluded from receiving any grant payments:
- Premises used for personal uses, such as private stables, loose boxes, beach huts and moorings
- Car parks and rateable car parking spaces
- Any business which is in liquidation or are dissolved
In order to receive the grant payment you must have been liable to pay Business Rates at your property on 11th March 2020.
Ratepayers will only be entitled to one payment per premises and details of payments will be shared with the Government Grant Management Function and Counter Fraud Function for future checks with personal or business tax records.