Cash help for your business

The City Centre BID is delighted the government has stepped in with a £330bn package of measures to help businesses through the coronavirus pandemic.

With the advice on new restrictions, we know the next few weeks and months will be a worrying time for all our city centre businesses and employees.

We will be doing everything we can to help you through the crisis and make sure that when restrictions are lifted, we will be in a good position to help you get your business back on track and attract customers back to the city centre.

We understand some funding may be available as soon as next week and will bring you news of how the schemes will work as soon as possible.

Immediate support measures announced by the Chancellor include:

·       An extension to the new Business Interruption Loan scheme for small and medium sized businesses, providing loans of up to £5million with no interest for the first six months

·       All retail, hospitality and leisure businesses in England will receive a 100% business rates holiday for the next 12 months

·       An increase in grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000

·       Further £25,000 grants will be available for retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000

·       Confirmation that government advice to avoid pubs, clubs and theatres is sufficient for businesses to claim on their insurance where they have appropriate business interruption cover for pandemics in place

At this time Plymouth City Council is awaiting guidance from central government on how these support measures can be accessed. We have asked and as soon as more information is available we will tell businesses. This is a high priority and we know that this is extremely important to you.

There is a COVID-19 business support page on the Invest Plymouth website is being regularly updated with the latest advice and information and now includes sector specific pages with signposting to the latest industry guidance.