Any business that deferred VAT payments due between 20 March and 30 June 2020 as…
Businesses that are required to shut due to local lockdowns could be entitled to claim up to £1,500 in grant funding every three weeks for each premises that is closed.
The new grant funding has been created to support those businesses that are adversely affected by local restrictions, which are being imposed in areas with high incidences of the Coronavirus.
Under the new scheme:
- If a business occupies premises with a rateable value less than £51,000 or occupies property or part of a property subject to an annual rent or mortgage payment of less than £51,000, it will receive £1,000.
- If a business occupies premises with a rateable value of exactly £51,000 or above or occupies property or part of a property subject to an annual rent or mortgage payment of exactly £51,000 or above, it will receive £1,500.
Unfortunately, any businesses still closed at a national level, such as nightclubs, will not be eligible for this funding.
The new grants will be delivered by local authorities, who will be responsible for distributing the grants to businesses in circumstances where they are closed due to local interventions. Local authorities are being given the discretion to determine additional eligibility criteria should it be deemed necessary.
These new grants can be used alongside other support, but as with other COVID grants funding from this new initiative will be treated as taxable income.
Further details of this new grant are yet to be published by either the Government or local authorities. We will try and bring you updates on this new scheme as and when they emerge.