COVID-19 | Grants for small business UK- What & How?
Recently, the UK government has announced several measures to support the small businesses amid the outbreak of COVID-19. One of them is the “COVID-19 Cash Grants for Small Businesses in the UK”. Let’s take a look, what they are and how they can be accessed?
What is COVID-19 grants for small businesses in the UK?
A support package created by the UK government to support the small businesses during the COVID-19 outbreak. It include the following: Source: (GOV.UK)
- a statutory sick pay relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
How to get COVID-19 grants for small businesses in the UK?
As of today (19/03/2020), it is not still clear yet how these grants will be implemented and can be accessed. However there have been some information via informal sources.
According to the website smallbusiness.co.uk the local authority will contact each and every business when the scheme is implemented. As of now, you do not have to contact the local councils yet. However, we do advise you to keep on UK government’s latest announcements along with the following reliable sources: