The Council appreciates that many local businesses face financial challenges due to coronavirus and will do what it can to help. There are a number of schemes that have been put in place by the government to try to reduce the economic impact of the pandemic.
Local Restrictions Support Grant for closed businesses
Businesses forced to close following the introduction of a second national lockdown can access funding through the Local Restrictions Support Grant.
This grant is available for businesses forced to close for the period 5 November 2020 to 2 December 2020.
Even if your business has previously received COVID-19 related grant payments, you will need to submit another application to access the new funding. All income received will be subject to tax.
Eligible businesses can claim the following:
- properties with a rateable value of £15,000 or less will receive a payment of £1,334 for the four weeks of closure
- properties with a rateable value of more than £15,000 but less than £51,000 will receive a payment of £2,000 for the four weeks of closure
- properties with a rateable value of £51,000 or more will receive a payment of £3,000 for the four weeks of closure
Eligible business sectors include:
- non-essential retail
- holiday accommodation
- personal care facilities and close contact services
- entertainment and tourism
- community facilities
- places of worship
- crematoriums and burial grounds
There are some exceptions to which businesses and venues must close.
A business may be eligible if it:
- occupies property and pays business rates to the Borough of Broxbourne
- was required to close from 5 November 2020 and was trading before this date
- has been unable to provide its usual in-person customer service from its premises
A business will not be eligible if it:
- has chosen to close but has not been legally required to close
- was already closed before being legally required to close
- can continue to operate as it does not depend on providing in-person services from its premises
- has reached its state aid limit – if you have reached this threshold you may still be eligible for funding under the COVID-19 Temporary Framework
- was already in administration, insolvent or where a striking-off notice has been made
More details on which businesses are eligible can be found in the latest government guidance.
To apply, you will need to provide:
- your business or trading address
- your company registration number or 10-digit Unique Taxpayer Reference
- your business rate account number
- a business bank statement dated in last three months
The Coronavirus Statutory Sick Pay Rebate scheme
This scheme allows small and medium-sized employers, with fewer than 250 employees, to apply to recover the costs of paying coronavirus-related Statutory Sick Pay.
Bounce Back Loans scheme
Central government offers further support for the smallest businesses affected by the coronavirus pandemic.
The Bounce Back Loans scheme allows small businesses to borrow between £2,000 and £50,000. The government provides lenders with a 100% guarantee for the loan and pays any fees and interest for the first 12 months. No repayments are due during the first 12 months.
You can apply for the loans through a short, standardised online application. Loans provide immediate support to those that need it as easily as possible. The scheme is open to applications until 31 January 2021.
A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England has been applied for the 2020 to 2021 tax year. This relief has already been applied to qualifying businesses and new bills have been issued. If you have not received an amended bill and believe you qualify for this relief please email the Council on [email protected].
Business advice from the Council
The Borough of Broxbourne is offering free advice for businesses.
If you do not pay business rates you may still be eligible for other assistance. You can:
- visit the Hertfordshire Growth Hub business resources page
- contact your bank for information on business interruption loans
- contact the Council to request business advice
Concerned about COVID-19 and the impact on your business?
Due to coronavirus, many businesses find themselves struggling to stay afloat, suffering unprecedented financial and stock losses, cancellations and uncertain circumstances. The government and a number of authoritative bodies have implemented a variety of measures and support provisions for businesses, to help them through this uncertain time. As the central point of access for business support in Hertfordshire, Hertfordshire Growth Hub is on hand to help businesses access the advice and guidance they need to minimise the impact of COVID-19.
Hertfordshire Growth Hub’s dedicated COVID-19 Business Resource Page contains the latest news, resources and support all in one place, from government updates to looking after your employees' wellbeing.
Last updated: 18 November 2020.