The government has announced additional financial support as part of its plan for the next phase of its response to the coronavirus outbreak.
What funding is available?
Businesses required to close in England due to local or national restrictions will be eligible for the following grants:
- Businesses operating from a property with a rateable value of £15k or under will be eligible for a grant of £1,334 per month, or £667 per two weeks;
- Businesses operating from a property with a rateable value of between £15k-£51k will be eligible for a grant of £2,000 per month, or £1,000 per two weeks;
- For businesses operating from a property with a rateable value of £51k or over, grants will be £3,000 per month, or £1,500 per two weeks.
Also £1.1bn is being given to local authorities for one-off payments to enable them to support businesses more broadly.
How can businesses access the grants?
Grants will be administered by local authorities and businesses are likely to need to apply for support. It is up to local authorities to determine the payment schedule and timings for these grants.
Further guidance is expected to be issued soon.