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Supporting our traders during lockdown

Insights
There is help available

There are several grants and various financial supports available to retail and hospitality businesses during the period of lockdown and possibly beyond.

While Geraud cannot guarantee any outcome, or take responsibility for applying, we are happy to offer support to traders and provide advice on eligibility criteria.

Rate Relief Grant for Small Businesses

How do I get the government £10,000 coronavirus cash grant in England?

Eligibility is currently based around rate relief. Those who qualify for Small Business Rate Relief (SBBR) or Rural Rate Relief will be able to get the funding.

  • You must have unit with a rateable value of under £15000.00 per annum.
  • The grant is administered by the local authority that covers your market.
  • Each local authority has different processes of application – you should visit the authorities web site for further detail.
  • You must have had a tenancy agreement in place on 13th March 2020.
  • Grants can be claimed until end March 2021.

How do I get the £25,000 grant in England?

A £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.

  • The grant is administered by the local authority that covers your market.
  • Each local authority has different processes of application – you should visit the authorities web site for further detail.
  • You must have had a tenancy agreement in place on 13th March 2020.
  • Grants can be claimed until end March 2021.

 Business Rates

The government has made all business rates void for the financial year 2020/2021.

Therefore, if we pay your ates included in your rent, we will reduce the rent by this amount.

If you are responsible for rates directly, this cost will be made zero by the local authority.

 

Monthly Supplement for Self Employed.

The chancellor has stated that there will be a supplement for self-employed persons, with a maximum value of £2500.00 per month or

Full details on eligibility and application process details are available on the web site: –

https://www.gov.uk/guidance/coronavirus-covid-19-what-to-do-if-youre-self-employed-and-getting-less-work-or-no-work

Furlough Staff

This has been set to cover through to the end of June 2020 (this may be extended)

To apply for this, please visit the web site below

https://www.gov.uk/guidance/work-out-80-of-your-employees-wages-to-claim-through-the-coronavirus-job-retention-scheme

Business Loans

There are several Government Backed Business Loans with deferred pay back dates, low interest rates and other benefits.

Full information and application process are available on the web site below

https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

VAT

VAT returns can be deferred for three months – please visit the following web site for more info

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

In order to keep fully up to date on developments, please visit the web site listed

https://www.gov.uk/coronavirus