The UK government announces more retail grants to aid COVID-19 recovery
More retail grants have sprung up recently due to the current COVID-19 pandemic. The retail sector has been hit particularly hard, leading to increased retail grants to assist recovery.
The UK government have various loan and grant schemes that are available to those in the retail industry.
HM Treasury
Local Restrictions Support Grant
The HM Treasury announced £4.6 billion for lockdown grants to support businesses in the retail, hospitality and leisure sectors. Businesses are able to receive a one-off grant worth up to £9,000. These retail grants will be awarded to those retailers that were required to shut due to local COVID-19 lockdowns. The grants are available to any business which was legally required to close meaning they aren’t able to operate remotely.
The largest businesses will be able to claim up to £1,500 per property every three weeks. Businesses that have a rateable value of £15,000 or under will be entitled to £4,000. £6,000 is available to those businesses whose rateable value is between £15,000 and £51,000. Those businesses with a rateable value of over £51,000 are entitled to £9,000.
The retail grants are available to provide a safety net, protecting jobs and are to be administered by Local Authorities. Business who are interested in these retail grants should apply to their Local Authorities for administration.
The government has provided a 100% business rates relief for retail hospitality and leisure businesses. The furlough scheme has also been extended to April and all government-backed loans extended until March.
Retail Loans
Smaller businesses should be able to benefit from other UK-wide measures in the government’s business support packages. This includes various available lending schemes. These include the Coronavirus Business Interruption Loan Scheme and a Coronavirus Bounce Back Loan Scheme.
Coronavirus Business Interruption Loan Scheme
The Business Interruption Loan Scheme allows a retailer to borrow up to £5 million interest-free for up to 12 months. All retailers are eligible regardless of their regular commercial financing options. The deadline to apply is the end of March 2021.
Bounce Back Scheme
The Bounce Back Loan Scheme is to help small businesses with loans for 25% of their turnover. There’s a maximum of £50,000 in turnover. The government will provide lenders with a 100% guarantee, paying the interest for the first 12 months. No repayments will be due during the first 12 months. The deadline to apply is also the end of March 2021.
Newly Self-Employed Hardship Fund Scotland
This Scottish retail grant scheme is designed to help alleviate the financial hardship for newly self-employed businesses. The scheme offers a one-off payment of £4,000 to those whose status is newly self-employed. The deadline for applications is 5pm on 16th March 2021. This retail grant opportunity is only available to those who are residents of and operate a business in Scotland.
The National Lottery Community Fund Scotland
Awards for All in Scotland has relaxed the application criteria for organisations that need help recovering from COVID-19. Awards for All is run by The National Lottery Community Fund in Scotland. The fund is even open to those who have already had a grant in the last 12 months. This would be more applicable to community-run and voluntary groups that run retail businesses. Grants of between £300 and £10,000 are available.
Never miss an opportunity to secure retail grants
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