The UK government has set up a Small Business Grant Fund (SBGF) to give out cash grant of £10000 for small businesses during the coronavirus (COVID19) outbreak. To put it simply, If your business is currently receiving either a Small Business Rates Relief (SBRR) or Rural Rates Relief (RRR), you will receive the cash grant of £10000.
How do I apply for the cash grant £10000?
You do not have to apply for it. Your local authorities will pay out the grant to your business bank accounts directly. Generally, the local authority would have your business accounts details if you are under either a Small Business Rates Relief (SBRR) or Rural Rates Relief (RRR) system.
How would I know if I would get the cash grant £10000?
You would receive a letter from your local authority informing your business is eligible to receive the cash grant £10000 and you don’t have to apply for it.
For example, Westminster city council already sent out letters to small businesses within the borough informing them about the cash grant £10000. And they are working hard to pay out the grant as soon as possible.
Further reading about the government guidance on the Small Business Grant Fund (SBGF) and the Retail, Hospitality and Leisure Grant Fund (RHLGF), click here.
Other help available to UK businesses
The government is also working with Companies House to allow companies to extend their company accounts filing deadline. In brief, companies that are affected by the COVID19 outbreak are given an additional three months to submit their company accounts to Companies House.
Universally, you must submit your company accounts on time otherwise you will receive an automatic late filing penalty. In this situation, if you apply for the extension then you would not get the late filing penalty.
Besides, you must also file your confirmation statement with Companies House. No extension allowed for this filing. You can do it online. All you need is your company’s authentication code.