It would appear the higher grant of up to £25,000 will only be available to those businesses within the retail, hospitality and leisure sectors. As a reminder, those within these sectors with a rateable value of between £15,000 and £51,000 will be eligible for a grant from their local authority of up to £25,000. The sectors are defined as having properties occupied as being wholly or mainly used for the following:
- Restaurants, cafes, drinking establishments, cinemas and live music venues
- For assembly and leisure
- As hotels, guest and boarding premises and self-catering accommodation
Coronavirus Business Interruption Loan Scheme
There have been the following updates for the eligible businesses for this scheme:
- Your business is UK based, with turnover of no more than £41 million per annum
- Your business meets the other British Business Bank eligibility criteria
To access the scheme please visit the British Business Bank website. There are 40 accredited providers in all, including all the major banks. You should aim to speak with your banks or finance provider as soon as possible to discuss your business plan. This will assist the application speed once the scheme is running from 23rd March 2020.
We will be aiming to provide more specific information on the loan scheme application process over the next few days.
Support for larger firms through the COVID-19 Corporate Financing Facility
It has been announced that the Bank of England will buy short term debt from larger companies. This will assist companies affected by short-term funding squeeze and allow them to finance short-term liabilities. All UK businesses will be eligible for this. The scheme will be available early in week beginning 23rd March 2020. More information is available from the Bank of England
As always, we will endeavour to keep you updated as this information changes.
If you have any enquires or queries regarding this information, please do not hesitate to contact us.