Rushcliffe Borough Council is signposting the Borough’s businesses to the latest advice from Central Government on its £350bn support for the economy in light of COVID-19.
The authority will be guided on the measures in the coming days and weeks, that will be publicised as soon as possible on the dedicated webpage on the Government website.
This will outline some of the key measures to reduce business rates and make direct cash grants to the most affected business sectors.
- Businesses in the retail, hospitality, and leisure sectors will pay no business rates in 2020-21. The business rates holiday will now be extended to all businesses in these sectors regardless of rateable value.
- Businesses in the retail, hospitality and leisure sectors with rateable values of less than £51,000 will receive a cash grant of up to £25,000.
- All businesses in receipt of small business rates relief regardless of sector will be eligible for a cash payment of £10,000, an increase on the £3,000 announced in the Budget last week.
- Funding for the business rates holiday will operate in the same way as it does for existing reliefs and discounts.
- A national £500m a Hardship Fund.
For all of the above the Council is awaiting further guidance from central government.
The authority is also reminding business owners to ‘take five’ to stop fraud and ensure they do not fall victim to a fraudulent attack by phone, text, email or online during this outbreak.
All should take five minutes to reflect and step back from the situation if a phone call, message or online exchange ever requests personal or financial information.
The authority will publicise how payments to businesses will be made safely as soon as possible.
Rushcliffe Borough Council’s Cabinet Portfolio Holder for Finance and Contracts Cllr Gordon Moore said: “We are aware of the vital role we will play in local government to deliver important elements of this financial support to businesses and individuals in the coming weeks.
“I would urge all business owners to keep checking the central government website www.gov.uk for the latest updates.
“In these unprecedented times we are confident we can deliver these complex measures so businesses can access this support as quickly as possible.”