Earlier this week, Chancellor Rishi Sunak announced new Government support for high street businesses.
This is in addition to the significant measures already announced in the Spring Budget last week.
These are unprecedented and testing times and Save the High Street are relieved that substantial financial support from the Government is now in place for the high street.
The Coronavirus crisis is accelerating changes in high street consumer habits; some that have been steadily increasing in recent years and others that are emerging through the crisis.
Over the coming days and weeks, Save the High Street will be releasing a series of Coronavirus-era ideas through their newsletters and social media.
Here are the key points from the chancellor’s announcement that will have a direct impact on independent businesses:
- Businesses working in the hospitality, leisure, and retail sectors will pay no rates for 12 months
- Those who operate in these sectors with a rateable value below £51,000 will be eligible for a grant of up to £25,000
- All businesses eligible for Small Business Rate Relief or Rural Rate Relief will now be eligible for a grant of up to £10,000
- The Coronavirus Business Interruption Loan Scheme provides loans up to £5 million to small and medium-sized businesses with no interest payments for the first 6 months. These are to be available through your bank as loans, overdrafts or other forms of financing
- The Chancellor confirmed that he has agreed with insurance companies that all businesses with an insurance policy relating to the current situation will be able to claim against their policies.
- Housing, Communities and Local Government Secretary, Robert Jenrick, also announced that he was relaxing planning rules to allow all pubs, restaurants and cafes the ability to offer takeaway and delivery services if they wish.
To read the speech in full, click here.