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Broxtowe businesses signposted to government support during COVID - 19 outbreak
As soon as we know more about these measures in the coming days and weeks, they will be publicised at https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19(Opens in a New Window)
- Businesses in the retail, hospitality, and leisure sectors will pay no business rates in 2020-21. The business rates holiday will now be extended to all businesses in these sectors regardless of rateable value.
- Businesses in the retail, hospitality and leisure sectors with rateable values of less than £51,000 will receive a cash grant of up to £25,000.
- All businesses in receipt of small business rates relief regardless of sector will be eligible for a cash payment of £10,000, an increase on the £3,000 announced in the Budget last week.
- Funding for the business rates holiday will operate in the same way as it does for existing reliefs and discounts.
- A national £500m Hardship Fund.
The Council will be working to put plans in place to administer these financial support schemes as soon as it has received further guidance from government.
The authority is also reminding business owners to 'take five' to stop fraud and ensure they do not fall victim to a fraudulent attack by phone, text, email or online during this outbreak.
All should take five minutes to reflect and step back from the situation if a phone call, message or online exchange ever requests personal or financial information.
The authority will publicise how payments to businesses will be made safely as soon as possible.
Chair of the Finance Committee, Councillor Greg Marshall said: “We understand this is a stressful time for businesses but rest assured that we will do everything we can to put plans in place and administer these financial support packages in line with Government guidance, which will be released shortly. We will provide an update on this as soon as possible.”
You can also contact the government’s Business Support Helpline for free advice or through your Local Growth Hub.