While more than £6 billion has been paid out to some 484,166 business properties in the last couple of months, more than half of the small business grants fund has yet to be distributed to small businesses affected by Covid-19.
Experts believe that this may be because some businesses are unaware of the support available to them and are going without as a result. In this blog, we will explore if your tourism business is eligible for the small business grants fund.
What is the small business grants fund?
The 12.3 billion fund is designed to help small businesses affected by Covid-19 disruption. There are two types of funding available: the first is for any small business (no matter the sector) in receipt of the Small Business Rate Relief Scheme (including those with a rateable value between £12,000 and £15,000 which receive tapered relief) or the Rural Rate Relief Scheme. Businesses which fall into this category will receive £10,000.
Businesses in the retail, hospitality, and leisure sectors, meanwhile, may be eligible to receive a grant of between £10,000 and £25,000. The amount each will receive is determined by their rateable value. Businesses (in receipt of the Expanded Retail Discount) with a property that has a rateable value of up to and including £15,000 will receive a grant of £10,000, while businesses (in receipt of the Expanded Retail Discount) with a property that has a rateable value of over £15,000 and less than £51,000 will receive a grant of £25,000.
Is my tourism business eligible?
Almost all retail, hospitality and leisure sector businesses are eligible for the scheme, with just a few exceptions. This includes properties occupied for personal uses, such as private stables and loose boxes, beach huts and moorings, and car parks and parking spaces.
It means that many retail, hospitality and leisure sector businesses that cross into the tourism sector – such as hotels, guest houses, self-catering accommodation, gift shops, campsites, ticket offices, travel agents, restaurants, cafes, bars, pubs, sports clubs, gyms and spas – will be eligible to receive a grant.