On 17 March the chancellor announced a whole host of grant funding and rates relief for businesses up and down the country and across every sector / industry.
The outline of the proposals was as follows:
- A 12-month business rates holiday for 2020/21 for all retail, hospitality and leisure businesses in England.
- Small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief.
- Grant funding of up to £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000.
These measures will be administered by Local Authorities / Councils and will not involve an application process as the Local Authorities will contact the relevant businesses automatically, the Government has said it will publish further details to Local Authorities about these measures by 20 March and have advised all businesses with any queries relating to the eligibility criteria or provision of these measures to contact their Local Authority for further information. We have contacted Hull City Council for clarification but have not heard back from them yet. As soon as we do we will let you know.
Andrew Jordan 18 March 2020