News & insight

Grant deadline looms for many businesses

Graham Isle / 25 Mar, 21

Our business rates expert would urge businesses to apply for vital grant funding with applications for Covid-19 related schemes closing on March 31st.

The grants were available for the business forced to close between the period of National Lockdown between 5th November 2020 and 2nd December 2020, and from the 5th January 2021 onwards.  Businesses who qualify for the grant from the 5th January will also qualify for the restart grant.

Businesses required to close under the national restrictions are:

  • all non-essential retail
  • indoor and outdoor leisure facilities
  • entertainment venues
  • personal care facilities
  • hospitality venues
  • accommodation providers

The amount of grants available under each were as follows

For the period from 5th November to 2nd December

Rateable value of premises Grant amount
£15,000 or under: £1334
£15,001 to £50,999: £2000
£51,000 or over: £3000

For the period from 5th January to 15th February

Rateable value of premises Grant payment
£15,000 or under: £2,001
£15,001 to £50,999: £3,000
£51,000 or over: £4,500

For the period from 16th February to 1st April

Rateable value of premises Grant payment
£15,000 or under: £2,096
£15,001 to £50,999: £3,143
£51,000 or over: £4,714

If businesses qualify for the grant payable from the 5th January they will also receive the following

Restart Grant

Rateable Value Grant amount payable
Under £15,000: £4,000
£15,001 to £50,999: £6,000
£51,000 and over: £9,000

Following the exit from the EU, State Aid Rules are no longer in place for grants and the government has now put in place the following Subsidy rules for assistance to businesses

Small Amounts of Financial Assistance Allowance – you’re allowed up to £335,000 (subject to exchange rates) over any period of 3 years
COVID-19 Business Grant Allowance – you’re allowed up to £1,600,000
COVID-19 Business Grant Special Allowance – if you have reached your limits under the Small Amounts of Financial Assistance Allowance and COVID-19 Business Grant Allowance, you may be able to access a further allowance of funding under these scheme rules of up to £9,000,000, provided certain conditions are met.

Grants under these 3 allowances can be combined for a potential total allowance of up to £10,935,000 (subject to exchange rates).

We’d advise businesses contact their local authorities as soon as possible to avoid missing out or get in touch with your local business rates expert using the below details.

Graham Isle – Rates Management and Audit

Matthew Midwinter – London & South

Rob Cohen – Yorkshire & Midlands

Richard Farr – North East

Simon Heather – North West

 

Topics: News

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