£32m in Government grants to protect jobs and help keep business going

Council News
16:20, Thursday, 26th March 2020

Businesses in North Lincolnshire can now apply for a raft of support packages designed to help them through the challenges presented by the coronavirus (Covid-19) outbreak.

The Chancellor of the Exchequer, Rishi Sunak has announced many measures targeted at keeping the economy going. Two of these initiatives are targeted specifically at small businesses within North Lincolnshire. They are being administered through North Lincolnshire Council.

Cllr Rob Waltham, Leader, North Lincolnshire Council, said:

“Running a business is always challenging but we know they are an essential element of driving prosperity in North Lincolnshire by creating jobs, wealth and opportunity. We also know the coronavirus outbreak has created additional problems.

“For most people this global challenge will be solved by individuals doing small things but some of the challenges, certainly from a business perspective, need big things to happen and the Government has stepped in to keep the economy and jobs supported through these turbulent times.

“The council and its dedicated team are working hard to keep many things going and ensure that the most vulnerable are secure and we’re pleased to now be able to extend this protection to business.

“We are reaching out to businesses and we are helping to keep the local economy trading with Government cash.

“These measures should help companies to retain staff through these unprecedented times and enable them to plan and look forward rather than fear the current situation.

“All those firms eligible should apply online where the dedicated team of business support advisors will help them through the process and ensure that all payments are administered electronically within the first two weeks of April.”

The four financial initiatives on offer are:

Grant funding

Small Business grants – a grant of £10,000 for each business that was eligible for relief under the small business rate relief scheme or rural rate relief scheme on 11 March 2020

Retail, Leisure and Hospitality grants – a grant of £10,000 for businesses which had a rateable value of up to £15,000 and were eligible for retail relief on 11 March, or a grant of £25,000 for businesses with a rateable value of over £15,000 and less than £51,000 on the same date.

Expanded Retail Discount 2020/21

In addition to grant funding, the Government has enhanced the Retail Discount to 100 per cent in 2020/21, expanded to include leisure and hospitality businesses, and removed the upper rateable value limit. This means that, in 2020/21, a significant number of businesses within North Lincolnshire will not pay any business rates.

For those already in receipt of Retail Discount, your account will automatically be adjusted to apply the 100 per cent discount with confirmatory bills sent out in due course. Officers are working to identify additional businesses which now qualify and will cancel the direct debit of those identified prior to the first instalment in April.

Nursery Discount 2020/21

The Government has confirmed that nurseries will receive a 100 per cent discount in 2020/21. The council will identify these businesses and apply the relief automatically.

Pub Relief

Qualifying pubs will receive a business rates discount of £5,000 in 2020/21, which will be applied to bills automatically based on the Government guidance when published.

For further guidance, please visit the Invest in North Lincolnshire website.