Further Covid-19 Grants in England by Reference to Rateable Value | Altus Property Services

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Further Covid-19 Grants in England by Reference to Rateable Value

Businesses in England required to close due to local lockdown or targeted restrictions will be able to receive grants worth up to £1,500 every three weeks, Chief Secretary to the Treasury Steve Barclay told MPs yesterday. To be eligible for the grant, a business must have been required to close due to local Covid 19 restrictions.

Payments are triggered by a national decision to close businesses in a high incidence area. Each payment will be made for a 3 week lockdown period. Each new 3 week lockdown period triggers an additional payment.

Currently these payments are available in Blackburn with Darwen, Pendle, and Oldham as part of an ongoing trial scheme.

Any businesses still closed at a national level (e.g. nightclubs) are not be eligible.

If a business occupies premises with a Rateable Value less than £51,000 or occupies a property or part of a property subject to an annual rent or mortgage payment of less than £51,000, it will receive £1,000.

If a business occupies premises with a Rateable Value of exactly £51,000 or above or occupies a property or part of a property subject to an annual rent or mortgage payment of exactly £51,000 or above, it will receive £1,500.

Local authorities will also receive an additional 5% top up amount of business support funding to enable them to help other businesses affected by closures which may not be on the business rates list. Payments made to businesses from this discretionary fund can be any amount up to £1,500 and may be less than £1,000 in some cases.

Local authorities will be responsible for distributing the grants to businesses in circumstances where they are closed due to local interventions.

As with other Covid-19 business grants, local grants to closed businesses will be treated as taxable income.

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