How do I get the government £3,000 coronavirus grant?
UPDATED: The government has announced small businesses that already pay little or no business rates will be eligible for a one-off coronavirus grant worth up to £3,000. However, last night (17 March), the Chancellor increased this amount to £10,000.
Read more about the update at What does the latest Treasury stimulus mean for small business?
Around 700,000 businesses in England currently eligible for Small Business Rate Relief (SBBR) or Rural Rate Relief can apply for the emergency funding.
The Department for Business, Energy & Industrial Strategy will be writing to local authorities this week to outline the scheme, and encourage local authorities to prepare.
However, once up-and-running, your local authority will contact you rather than having to apply yourself.
And funding will not be available until April, as stated on the government website.
This additional funding for local authorities who collect business rates is part of a package of fiscal measures to help small business survive the coronavirus pandemic.
The coronavirus grant only applies to small business in England. Business rates in Scotland, Wales and Northern Ireland are set by their devolved administrations.
Business rates scrapped
All retail, leisure and hospitality companies will be exempt from business rates for a whole year.
The government will also review the long-term future of business rates, a property tax which many say is unfair given the rise of online shopping and out-of-town retail parks.
Compare business loans from across the market with our partners, Know Your Money.
Scotland announces £80m small business grant fund
The Scottish government has announced an £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19.
Scottish Enterprise says that how it will be administered and what it will look like has not been decided yet. Announcements will be made over the next few days.
For information and to help your businesses deal with COVID-19, contact FindBusinessSupport.gov.scot in the first instance. There are several links posted here including a checklist and guidance on how to deal with certain current and expected future impacts businesses are facing such as supply chain issues, cash flow issues or employment issues and sick pay.
If your business in Scotland is unable to find the required information online, Scottish Enterprise has launched a business helpline, operated by its equiry Service based in Clydebank. The helpline can provide businesses across Scotland with information and support on COVID-19. The business helpline number is 0300 303 0660 and will be open Monday to Friday, between 8.30am to 5.30pm.
The £80m grant fund is part of a £320m package of measures announced to help small businesses weather the coronavirus crisis.
• 75 per cent rates relief for retail, hospitality and leisure sectors with a rateable value of less than £69,000 from 1 April 2020
• an £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19
• 1.6 per cent rates relief for all properties across Scotland, effectively reversing the planned below inflation uplift in the poundage from 1 April 2020
• Fixed rates relief of up to £5,000 for all pubs with a rateable value of less than £100,000 from 1 April 2020
Grants can sometimes be combined with other forms of funding, such as banks, grant makers, crowdfunding platforms and other lenders. In fact, we have teamed up with FundingOptions.com to help you find the right finance for your business. You can find their page here.
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This page will be continually updated as more information from government and local authorities becomes available.