Business rate relief, grants and loans for businesses to help during the disruption caused by COVID-19.
Retail, leisure, hospitality and other small businesses can get support to help during the disturbance caused by coronavirus (COVID-19). We are also exploring what further support we can provide.
Business rate relief
Retail, leisure and hospitality businesses
Retail, leisure and hospitality businesses with a rateable value of £500,000 or less will get one year business rates relief in the financial year 2020 to 2021.This means that you will not have to pay any business rates during this time.
This will be administered through the business rates system. You do not need to do anything. Your local authority will contact you.
Retail, leisure and hospitality businesses with a rateable value of £12,001 and £51,000
You will get a grant of £25,000.
Businesses with a rateable value of £12,000 or less
All businesses that are eligible for Small Business Rates Relief will get a grant of £10,000.
How to apply
This will be administered through the business rates system.
Small business grant
Small businesses who employ up to nine people (including sole traders with staff)
All eligible businesses can apply for a grant up to £10,000. You can apply in mid-April. Details will be available shortly.
Small and medium sized businesses who employ between 10 and 249 people
All eligible businesses can apply for a grant up to £100,000. You can apply from next week. Details will be available shortly.
The Economic Resilience Fund has been paused.
Business Interruption Loan Scheme
UK Small and medium sized Enterprises (SMEs) with a turnover of up to £45 million can apply for up to £5 million of:
- bank loans
- invoice finance
- asset finance
The loans are for up to 6 years. Businesses will get the first 12 months of finance interest free. UK government will cover the first 12 months of interest payments.
Lenders will receive a UK government guarantee of 80% on each loan, subject to a per-lender cap on claims. There will be no charge for this guarantee.
The scheme is backed by the British Business Bank.
Eligibility and how to apply
You need to talk to your bank to discuss your business plan.
Bounce Back Loan
This scheme will help small and medium-sized businesses affected by coronavirus to apply for loans of up to £50,000.
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
You can find more information on eligibility and how to apply on GOV.UK.