Businesses missing out on Coronavirus cash

According to Bath & North East Somerset Council, small businesses which have not yet applied for Coronavirus support grants could be missing out on tens of thousands of pounds in free funding to support them through the Coronavirus pandemic.

The money, which is available to qualifying businesses as part of the Small Business Grants Fund (SBGF) and the Retail, Hospitality and Leisure Grant Fund (RHLGF), does not need to be paid back and is straightforward to apply for.

Take action

According to a recent Council press release, nearly 2,000 grants totalling more than £26m have already been processed in Bath and North East Somerset (B&NES), but many businesses have yet to apply.

Richard Samuel, deputy leader, said: “We are delighted to be well on the way to supporting the majority of businesses in the Bath and North East Somerset area, but we know there are more businesses out there that haven’t got in touch with us yet.

“We want to make sure as many companies as possible receive financial assistance from the package of support provided by Government. It is vital that you complete the online form as soon as you can.”

How much could your business get?

Any business currently in receipt of Small Business Rate Relief or Rural Rate relief could be eligible for a £10,000 cash grant. Or, if your business property does not fall within either of these relief schemes (possibly due to multiple properties exceeding the rateable value combined threshold), but is a retail, hospitality or leisure business, it could still be eligible potentially for a £10,000 or £25,000 cash grant, depending on your circumstances.

Further details on the qualifying criteria can be found in our grants factsheet here.

How to apply

Businesses in B&NES can check eligibility and register online here: https://beta.bathnes.gov.uk/register-business-grant-due-covid-19. For further help and guidance, please contact the council’s Invest in Bath business support service by emailing info@investinbath.co.uk.

For further information or advice on any of the issues raised, or for help with services like bookkeeping, cash flow management or payroll during the Coronavirus pandemic, please call us on 01225 325580, email info@richardsonswift.co.uk, or contact your usual client director.

Please note that this is only a summary of the main issues and should not be construed as advice. Every effort has been made to ensure factual accuracy at the time of publication (5 May 2020), however, the government response to the Coronavirus situation is changing 24-7, so it should not be relied upon completely.