The Chancellor recently announced a new wave of measures to financially support businesses impacted by COVID-19. These include but are not limited to:
- Businesses receiving Small Business or Rural Rate Relief will get a grant of £10,000 to support cash flow
- Retail, leisure and hospitality grant – those with Rateable Value of between £15,000 and £51,000 will get an additional cash grant of up to £25,000
- Retail, leisure and hospitality rate relief – Discount of 100% extended to all businesses in sector regardless of Rateable Value
- Coronavirus Business Interruption Loan Scheme – will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Businesses can access the first 6 months of that finance interest free, as government will cover the first 6 months of interest payments.
- For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full.
To keep updated with the latest government announcements on business support throughout the coronavirus situation check the Central Government website or subscribe to receive email alerts.
It is important to note that BCP Council is awaiting further guidance on the award mechanism of this financial support from Central Government. As soon as this information is known, we will inform you via this email, on our @Business_BCP Twitter feed, the @BCPCouncil Twitter feed and on our website. At this time businesses do not need to take any further action. Funding for the Grant Scheme will be provided to local authorities by government in early April.
Further information and support for the local area can also be accessed through the Dorset Growth Hub, and the Dorset LEP.