money grant support

Continuing to inform mobility retailers of what vitally needed financial support is available as the government implements measures to curb the spread of the virus, THIIS has examined the government’s grant scheme for retailers and how to access it.

On the 17th March 2020, chancellor Rishi Sunak declared that the Small Business Grant Scheme would be increased to help SMEs whether the COVID-19 storm that has seen demand drop amongst shoppers.

With the mobility sector serving those at high risk of experiencing severe symptoms if they contract coronavirus, multiple retailers have told THIIS that they have seen footfall decimated over recent days.

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As income for retailers dries up and cash flow concerns mount, the government has promised companies financial support, which forms part of a £330bn package of funding.

For many mobility retailers, a key element of this support is the promise of cash grants for retailers.

This funding will provide a one-off cash grant of £25,000 to mobility retailers operation from smaller premises with a rateable value between £15,000 and £51,000.

For companies with a rateable value of less than £15,000, a one-off cash grant of £10,000 will be available.

How to access the cash grant?

As it currently stands, specific details over how to apply for the £25,000 grants are still sketchy. However, according to government advice, businesses should enquire regarding eligibility for, or provision of, the grant to their relevant local authority.

Local authorities are also waiting for guidance from the government regarding how the grant system will work, eligibility, along with the mechanism to pay retailers quickly. This morning, guidance surrounding the Business Rates holiday was published to local authorities and THIIS will update when grant guidance is issued.

According to West Berkshire Council, it states: “We expect that the same businesses that qualify for the retail discount will be eligible for the £25,000 grant. We will be able to confirm this and contact eligible businesses once we have further detailed guidance.”

For now, mobility retailers should contact their local authority to request more information regarding applying for the £25,000 grant.

Small companies eligible for the £10,000 one-off grant do not need to apply as local authorities will contact eligible businesses automatically. According to the government, eligible businesses are those currently eligible for small business rate relief (SBBR) or rural rate relief.

This £10,000 funding for small businesses will be provided in early April.

THIIS Magazine is covering all financial support being made available to mobility retailers during the outbreak and providing up to date details regarding how businesses can access the funding during this difficult time. Be sure to check THIIS regularly for up-to-date information.

https://i1.wp.com/thiis.co.uk/wp-content/uploads/2020/03/money-grant-support.jpg?fit=900%2C600&ssl=1https://i1.wp.com/thiis.co.uk/wp-content/uploads/2020/03/money-grant-support.jpg?resize=150%2C150&ssl=1Calvin BarnettBusiness SupportCoronavirus NewsCOVID-19 Trade NewsGovernment & Local AuthoritiesInvestments & FundingNewsroomRetailer NewsSector NewsTrade NewsContinuing to inform mobility retailers of what vitally needed financial support is available as the government implements measures to curb the spread of the virus, THIIS has examined the government's grant scheme for retailers and how to access it.On the 17th March 2020, chancellor Rishi Sunak declared that the...News, views & products for mobility, access and independent living professionals