Coronavirus Grants Fund
Updated 20 May 2020
Small businesses and start-ups in the UK that may have been impacted by COVID-19 may be eligible for a government business grant.
The UK Government is offering a support package if you've had to close your business due to coronavirus. This article is going to cover what these grants can offer you, who is eligible and how you can gain access to them.
Coronavirus Grants Fund
The UK is offering two separate grants to support small businesses. These grants are for both rented and owned businesses and will be given as a rate relief.
The small business grant is designed to help small businesses by offsetting their operating costs. It's managed by the local authorities and will provide these businesses with up to £10,000.
The guidance of SGBF shows that governments will reimburse local authorities that provide grants to businesses throughout their community.
In order to be eligible for SGBF, a business will need to have been apart of the small business rate relief (SBRR) or apart of the rural rate relief (RRR) by march 11th 2020. The grant can only be claimed once per unique business, even if the owner has multiple locations.
If a business has received the tapered relief already and has a value worth between £12,000 and £15,000 than they are also qualified.
Car parks and parking spaces are not eligible for the grant. Businesses that use the property for personal use are also excluded. Any business with a value of over £51,000 will not be eligible.
In response to COVID-19, the UK Government has announced a new grant for businesses in retail, hospitality, and leisure (RHLFG). The grant will provide businesses with cash between £10,000 or £25,000. This grant will be available per property.
Any small business with a rateable value of less than £51,000 as of March 11, 2020, will be eligible. Charities that would have met these criteria but have been affected by a local discretionary award are also eligible.
Car parks and parking spaces are exempt from the grant. Businesses that are used for personal purposes are also not eligible. If a business has a value that exceeds £51,000, it will not be eligible.
The guides for these grants has been that local authorities will be contacting eligible businesses. However, some local authorities appear not to be and instead are asking small businesses to submit an application.
All small businesses through the UK should make the proper arrangement to ensure they gain access to the grants.
If you are a small business owner and have questions about these grants or need help accessing them, send us a message today!
Small Businesses in the UK
These grant schemes will be available until Wednesday 20 May. The Prime Minister assures that small businesses will be paid the grants as soon as the application process has ended and they have all been verified.
For more information about the Coronvirus pandemic and small businesses continue to our blog page.
How KG Accountants can help
- Help and assist you to fully comply with the government guidelines on managing the risk of Covid19.
- Forecasting – both for your own planning and for the business loan applications.
- Help prepare simple cash flow monitoring tool to ensure your road to recovery is as smooth as possible.
- How to set up a payment plan with HMRC.
- Businesses who have negotiated a rent holiday.
- Our regular blog on how you can get funding during this pandemic.
- Everything you need to know on the Coronavirus Job Retention Scheme (CJRS) and furloughing.
- Managing your personal finances – our financial planning team’s top tips.
- If there’s anything else you need help with not listed above, please ask, and we’ll find a way.
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