Coronavirus: The latest business advice
Here are the latest developments as of today, 19 March, that you need to be aware of when it comes to Coronavirus: The latest business advice.
Yesterday we published a post updating you on the measures the government has put in place to support small and medium-sized businesses due to the Coronavirus.
A £10,000 cash grant for the UK’s smallest businesses
The smallest businesses defined as those in receipt of small business rate relief (SBRR) or rural rate relief will receive a £10,000 cash grant.
The grant will be provided to local authorities by central government in early April and the local authority will distribute the grants. Businesses need not apply.
In the retail, hospitality or leisure business?
The Government is introducing a business rates holiday for businesses in the retail, hospitality and leisure sectors for the financial year 2020/2021.
A £25,000 cash grant for some UK Businesses
A £25,000 cash grant will be provided to businesses in the retail, leisure and hospitality sectors operating from smaller premises with a rateable value between £15,000 to £51,000.
The current advice from the government is that any enquiries about eligibility or the provision of grants should be directed to your local authority.
The Opportunities
These are uncertain times and if you have been contemplating the risks and rewards of borrowing money to fund asset purchases or working capital requirements now might be the time to strike.
You can read more about all the other available options and how we can help you in our post from yesterday: Coronavirus: Keep Calm & Carry on.