I am acutely aware of the impact that this national lockdown is having on people’s livelihoods and on our great local businesses.
The Bishop’s Stortford Business Improvement District (BID) recently contacted me on the support that is available to businesses.
In response, I highlighted various economic measures that are available to businesses across Hertford and Stortford. Both letters can be found here.
Retail, hospitality and leisure business premises forced to close can claim a one-off grant of up to £9,000, depending on their rateable value. I have detailed this below:
- Businesses with a rateable value of £51,000 or above will be eligible to receive £9,000.
- Businesses with a rateable value between £15,000 and £51,000 will be eligible to receive £6,000.
- Businesses with a rateable value of £15,000 or below will be eligible to receive £4,000.
This one-off grant is in addition to the existing monthly closed grants of up to £3,000 per month that businesses continue to be eligible for. Businesses can receive multiple grants, as they are eligible on a per premises basis.
Local authorities will receive the funding for these one-off grants next week.
Local Discretionary Funding
Local authorities will also be given an additional £500 million of discretionary funding to support their local businesses. This builds on and will be allocated in the same way as the £1.1 billion discretionary funding - worth £20 per head of population - which local authorities in England have already received to support their local economies and help businesses impacted.
Support for Individuals
For individuals, furlough has been extended until the end of April, protecting jobs through until then. Further decisions on our economic response will be announced during the Budget on 3rd March and I will be encouraging the Treasury to continue to focus on what help it can provide.
As ever, if any business or individual needs my help, please do email me for a response at email@example.com.
Details on how to apply for this funding can be found here.