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Coventry businesses affected by the COVID-19 (coronavirus) pandemic can now apply to the Government’s Small Business Grant Fund and Retail, Hospitality and Leisure Grant Fund.
These funds, which were announced as part of the March Budget, are part of a wider package of government measures that business affected by COVID-19 can access.
The Small Business Grant Fund offers eligible businesses a one-off grant of £10,000 to help meet their business costs. To be eligible for a grant, businesses must be Coventry based, and already receive Small Business Rate Relief (SBRR) or Rural Rate Relief (RRR). More detail on SBRR and RRR can be found at can be found on the business rates and exemptions page on our website.
The Retail, Hospitality and Leisure Grant Fund offers businesses in those sectors, a cash grant of up to £25,000 per property. Businesses in these sectors with a property that has a rateable value of up to £15,000 will receive a grant of £10,000. Businesses in these sectors with a property that has a rateable value of over £15,000 and less than £51,000 will receive a grant of £25,000. Business with a rateable value of £51,000 or over are not eligible for the scheme.
The Government has asked Local Authorities to administer the scheme to local businesses and Council officers have been working round the clock to help do this.
As part of this, an online form has been set up which allows eligible businesses to provide us with the details necessary to receive the grant. The form can be accessed on our website and all businesses will need is their bank details and customer reference number (this can be found on your business rates bill).
Cllr Jim O’Boyle, Cabinet Member for Jobs and Regeneration, said: “This financial support will help to protect Coventry businesses and jobs. We need to do everything we can to support individuals and businesses during these uncertain times. That’s why our officers have been working around the clock to get the right support to businesses as quickly as possible. We will get through this and by helping our local businesses get access to this support now, we’ll help them get through it too.”
Detailed guidance on the scheme, including the full eligibility criteria for both these grants can be found on the COVID-19 advice for businesses section of our website.
To see the full package of measures announced by the Government, please visit their website.