On 17 March 2020, the UK government announced a number of relief packages for businesses, this is due to the Coronavirus. Small Businesses are needed to keep the economy healthy and will play a large role in things to come.
Amongst these relief packages was the Small Business Grant Fund (SBGF). Here is a selection of FAQ which gives a quick overview on how to obtain an SBGF if your business is eligible.
How are these provided for?
Funding will be supplied to local authorities by central government.
Which businesses are eligible?
- Business with a property who were eligible for Small Business Rates Relief (SBRR) on 11 March 2020 (including those with a rateable value between £12,000 and £15,00 which receive tapered relief).
- Businesses who were eligible for the Rural Rate Relief Scheme (RRS) on 11 March 2020.
- Properties occupied for personal use.
- Car parks and parking spaces.
- Businesses that were in liquidation or dissolved on 11 March 2020.
Who will receive the funding?
The ratepayer (according to the billing records of the local authority).
How much support will your business be eligible for?
- Any business currently in receipt of Small Business Rate Relief will be eligible for a £10,000 grant.
How do you apply?
The local authority will identify eligible businesses and notify them in writing. Most businesses have been contacted by the 4th of April 2020. If your business has not received any correspondence but you believe your business fits the criteria you need to contact your local authority.
You can visit your business premises to collect your letter as it is considered a legitimate reason to leave the house. Police have been informed that these letters have been sent out to business addresses.
You should be able to complete your application online. Ensure you have this information on hand and ready to input.
(may vary dependent on local authority):
- Your business rates account number
- Unique Grant reference number from your letter
- Your business bank details and an image of your business bank statement or cheque book
- Local authorities will not cold call you to ask for your bank detail or rate account number on the phone or by email.
- Do not provide this information to anyone claiming to be from the local authority or acting on behalf of the local authority.
When will you receive the payment?
Payments should be made within 10 days of submission, depending on the local authority.
If you’re looking to pivot your business during the crisis it’s important to use every avenue available to support yourself. If you quality for aid there is nothing wrong with applying and pursuing growth.
Source : gov.uk Website / Local authorities – South West