There with you: Financial support promised for businesses
- Credit: Archant
A package of temporary, timely and targeted measures to support public services, people and businesses through the Covid-19 outbreak have been laid out by the Chancellor.
East Devon District Council (EDDC) has reassured small and independent businesses it will be contacting them shortly to offer support.
Additional funding is being given to local authorities including EDDC to support small businesses that already pay little or no business rates because of small business rate relief (SBBR).
This will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief, to help meet their ongoing business costs, with funding expected in early April.
If your business is eligible for SBRR or rural rate relief, you will be contacted by EDDC.
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An EDDC spokesman said: “Once we have the guidance on these grants, then we will aim to implement these quickly as we know how important this payment will be in supporting your business. Please check our website as we will keep this up to date with the latest information.”
The Government is also introducing a business rates retail holiday for retail, hospitality and leisure businesses.
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But businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled by their local authority.
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 Government is not expecting this to be paid until April.
An EDDC spokesman said: “The government is working intensively with the local government sector to ensure the most vulnerable people in society are supported while protecting the local economy.”
The Chancellor has set out a £12billion package of temporary and targeted measures to support public services, individuals and businesses through the economic disruption caused by Covid-19.
As part of the budget, the Government has committed to providing local authorities, like EDDC, with £500million to support economically vulnerable individuals and households.
It is expected that most of this funding will be used to provide more council tax relief, either through existing local council tax support schemes, or through complementary reliefs.