| answer text |
<p>According to the VOA<ins class="ministerial"> official statistics</ins>, there
are<ins class="ministerial"> around</ins> <del class="ministerial">299,000</del> <ins
class="ministerial">205,000 </ins>business properties in England with a rateable value
over £51,000<ins class="ministerial"> as at 31 March 2019. </ins>. Of these,<ins class="ministerial">
approximately 83,000 are identified as </ins> <del class="ministerial">116,000</del>
<del class="ministerial">are</del> retail, hospitality and leisure properties<ins
class="ministerial"> using VOA's administrative data source</ins>.</p><p> </p><p>The
Small Business Grants Fund and the Retail, Hospitality and Leisure Grants Fund have
been designed to support the smallest businesses, and smaller businesses in the some
of the sectors which have been hit hardest by measures taken to prevent the spread
of Covid-19.</p><p> </p><p>Around 1 million small and medium businesses will receive
cash grants as a result of these schemes, and over £12 billion will be paid out to
these businesses.</p><p> </p><p>The two schemes have been tied to the business rates
system and rating assessments, which together provide a framework for Local Authorities
to make payments as quickly as possible. Businesses in the business rates system are
also likely to face particularly high fixed costs, such as fixed rents.</p><p> </p><p>In
addition to the main grants schemes, Government has made available up to an additional
£617m for Local Authorities in England to enable them to pay grants to small businesses
which also face high fixed building-related costs but which are excluded from the
current system due to the way they fit into the business rates system.</p><p> </p><p>Businesses
which are not eligible for the grants schemes should be able to benefit from other
measures in the Government’s unprecedented package of support for business, including:</p><p>
</p><ul><li>An option to defer VAT payments by up to twelve months;</li><li>The Coronavirus
Business Interruption Loan Scheme, now extended to cover all businesses including
those which would be able to access commercial credit;</li><li>The Bounce Back Loan
scheme, which will ensure that small and micro businesses can quickly access loans
of up to £50,000 which are 100% guaranteed by the Government;</li><li>The Coronavirus
Job Retention Scheme, to support businesses with their wage bills; and</li><li>The
Self-Employment Income Support Scheme, to provide support to the self-employed.</li></ul><p>
</p>
|
|
