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Coronavirus: Key updates on financial support for businesses: Information from the Treasury

Update Friday 20 March 2020

The Treasury has just released a document detailing the financial support for businesses, with some further information, but not as comprehensive or as immediate as we’d all like to hear. The document covers all of the financial support measures for both individuals.

Message from BR BID Co-Ordinator:

Please note that Arun District Council Business Rates Department have only just received this information, and it’s unlikely they’ll be able to give any immediate responses.

Summary of updated info on key questions most businesses are asking us about:

Business Grants of £10,00 / £25,000 depending on your sector and Rateable Value:

"If you are an eligible business, your Local Authority will then be in touch in the coming weeks to provide details of how to claim this money."

Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank for small to medium sized enterprises, "will launch at the start of next week to support businesses to access bank lending and overdrafts."

Businesses will be able to get finance under the scheme from a large number of providers, including the main high street banks, as of next week.

Business rates “holiday”

  • “If you are currently receiving the retail discount for your Business Rates bill, you will receive a revised bill with 100% relief shortly.”

  • “If your business occupies a property in the retail sector with a rateable value of £51,000 or more, or if your business occupies a property in the leisure or hospitality sectors you may also be eligible for the 100% discount on your business rates bill. You will shortly hear from your Local Authority. If you have any questions, you should contact your Local Authority.”

New information for Pubs that serve food and Restaurants offering Takeaway / Delivery

“If you own a pub that serves food or a restaurant in England, you will be able to operate a hot food takeaway to serve people staying at home, without going through the usual planning process:

The Ministry for Housing, Communities and Local Government (MHCLG) will shortly legislate to bring forward a temporary Permitted Development Right to allow for change of use from A3 (Restaurant) and A4 (Pub) to A5 (Hot Food Takeaway).

The intention is that once the legislation has come into force a pub or restaurant will be able to notify their Local Authority that they are now operating as a takeaway without any prior approval."

The BID Team will continue to keep you updated with all new information as soon as we possibly can.


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