TENANT AND OCCUPIER UPDATE: COVID-1920/03/2020
We recognise this is worrying time for you, your employees and your business in this ever-changing and challenging environment in which we find ourselves in, during the coronavirus (COVID-19) outbreak, we’re clearly in unprecedented territory.
Measures by the government to protect health, support individuals, the economy and businesses is being provided daily, however, the importance of the three below government responses in relation to your business are especially important at this time.
We urge all our Tenants to investigate and utilise the government support available:
Non-domestic business rates free periods for 12 months from 1st April 2020 for all retail, hospitality and leisure businesses
You can estimate the business rate charge you will no longer have to pay this year using the following link: https://www.gov.uk/calculate-your-business-rates
A further £25,000 grant is available to retail, hospitality and leisure businesses with rateable values over £15,000 but below £51,000.
The chancellor also announced access to £330bn guaranteed business loans for any business that needs access to cash to remain operational
Additional details on the Government support available for employers and businesses;
- A Coronavirus Job Retention Scheme
- Deferring VAT and Income Tax payments
- A Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme