If your business is in England and has been forced to close due to national lockdowns you can now claim a Government Grant of up to £3,000 per month, which is an increase of an earlier announcement of £1,500 that covers a three-week period.
Business owners will be able to apply for these grants from 1st November 2020. Applications for the grant should be made to your local council and grants are also available if your Local COVID Alert Level was Very High (Tier 3) prior to the national lockdown.
What you need to know…
Grants will be paid at the following rates:
- For properties with a rateable value of £15k or under, grants of £1,334 will be paid for every 28-day qualifying restriction period
- For properties with a rateable value of over £15k and below £51k, grants of £2,000 will be paid for every 28-day qualifying restriction period
- For properties with a rateable value of £51k or over, grants of £3,000 will be paid for every 28-day qualifying restriction period
- You can’t claim for single weeks i.e. £750 for one week. It is either for a two-week period or none.
- The grants are “per property”. This means if you have a business with more than one premise, such as a restaurant with two branches that are both forced to close, you will receive two grants. Separate applications will be required for each business property
- Further eligibility criteria may be determined by local authorities.
- As with other Covid-19 business grants, the grants will be treated as taxable income.
You may receive a grant of up to £1,500 at the discretion of your local council if:
- Your business is required to close but you do not pay business rates
- If your business is not required to close, but has been severely affected, for example as a result of customer businesses being closed
This information has been shared on behalf of Peter Diver from Hardy and Company accountants. If you need any further assistance, please don’t hesitate to contact him at 0161 366 9299 or firstname.lastname@example.org.