4. Financial support for Small Businesses, Retail Hospitality and Leisure businesses
Following the Budget on 11th March and the Chancellor's statement on 17th March, two grant funding schemes are now being administered by local authorities. These are to support businesses in receipt of small business/rural rate relief as well as those in the hospitality, retail and leisure sectors affected by the economic impact of Covid-19.
Government guidance for local authorities administering these grants is available. The Small Business Grants Fund and the Extended Retail, Hospitality and Leisure Grant Fund, announced by the Government last week as part of a £330 billion package of support, offers a one-off grant to a number of businesses:
- Any business currently in receipt of Small Business Rate Relief may be eligible for a £10,000 cash grant.
- Any retail, hospitality or leisure business in receipt of Expanded Retail Discount with a rateable value of less than £51,000 will be eligible for a cash grant per property based on eligibility criteria below:
*Any retail, hospitality or leisure business with a rateable value of £15,000 or below may be eligible for a £10,000 cash grant.
*Any retail, hospitality or leisure business with a rateable value above £15,000 and below £51,000 may be eligible for a £25,000 cash grant.
- The list of eligible businesses has been extended by Government to include Ofsted’s Early Years registered nurseries, estate agents, betting shops and others. View the extended list.
East Devon District Council is writing to all businesses eligible to receive grants so they can urgently access financial help as soon as possible.