Grants open for applications for businesses affected by COVID-19

Grants open for applications for businesses affected by COVID-19

26/03/20 - Broxtowe based businesses who have been affected by the Coronavirus COVID-19 pandemic can now apply for one of two business grant schemes as part of the Government’s business support package.

Councillor Milan Radulovic MBE, Leader of the Council said: “Businesses have been hit hard by the pandemic and the measures introduced to help ensure we can protect and save lives. These support schemes are just part of the Government’s financial support to help businesses through this difficult time and our Officers have been working hard to get them up and running as quickly as possible so that Broxtowe businesses can start benefiting from them.”

Broxtowe Borough Council has written to all small and medium sized businesses who could be eligible. Those who meet the following criteria should then apply using the online form.

The two schemes are based upon commercial properties being occupied on 11th March 2020. Only one grant can be awarded to each qualifying property.

Small Business Grant - £10,000

  • For businesses with commercial property which has a rateable value under £15,000 and in receipt of Small Business Rates Relief.
  • Exclusions apply, including premises that are used for personal use, such private stable or moorings, car parks and parking spaces.

Retail, Hospitality and Leisure Grant - £10,000 to £25,000 depending on rateable value

  • For businesses with commercial property which has a rateable value less than £51,000 which is eligible for Retail Discount (this will be detailed on your recent Business Rates Bill).
  • Exclusions apply, including premises that are used for personal use, such private stable or moorings, car parks and parking spaces, as well as any property with a rateable value in excess of £51,000.
  • If eligible, you will receive a grant of either £10,000, if the rateable value is under £15,000, or £25,000, if the rateable value is between £15,000 and £51,000.

To complete the application form you will need:

  • Your bank details
  • Business Rates account number and your rateable value (both of these can be found on the letter which the Council has sent to you about these grants).

It is expected that the first payments will start to be received by businesses on 10 April 2020.

Other business support schemes are available for those affected by the pandemic – visit www.businesssupport.gov.uk/coronavirus-business-support/

 

 


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