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If you have any questions relating to this article or have any corporate queries you would like to discuss, please contact Grace Hudson on [email protected]
The Chancellor has announced a series of financial aids for UK businesses and also provided further details of the Covid Corporate Financing Facility. Please note that the Government’s advice and guidance to individuals and businesses is changing rapidly as the UK battles the COVID-19 pandemic. Therefore, please check on the Government website or email the Corporate Group if you have any questions.
The Government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Eligible businesses include restaurants, cafes, hotels, bars, cinemas and live music venues. This retail discount will automatically apply for your council tax bill 2020 and there is nothing you need do to benefit from this.
Cash grants of up to £25,000 per property are also being made available for retail, hospitality and leisure businesses in England. Your local authority will write to you if you are eligible for this grant.
CBIS is available for businesses that are UK based in its business activity with a turnover of no more than £45 million. Businesses can apply for CBILS if they have a business loan proposal that would have been considered viable by the lender, but for the current circumstances caused by the COVID-19 pandemic.
Businesses could benefit from:
All major banks are now offering the CBILS (at their discretion) and you are able to apply to this scheme through your lender’s website.
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.
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If you have any questions relating to this article or have any corporate queries you would like to discuss, please contact Grace Hudson on [email protected]
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