Support for businesses announced
We understand these are worrying times for many Hartlepool businesses and we wanted to outline some of the support available.
This update focusses on the national information we have received and the steps we are taking to assist those facing difficulties.
On Monday, Government announced business rates support and grant funding intended to help the most-affected firms manage their cash flow through this period by:
|Government announcement||Council action|
|Giving all retail, hospitality, leisure businesses and childcare providers/nurseries in England a 100% business rates holiday for the next 12 months||
This will benefit approximately 220 businesses.
Yesterday the Government issued detailed regulations and this means we won’t be collecting any 2020/21 direct debit payments.
|Increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000||
This will benefit around 1,300 Hartlepool businesses.
We are working to ensure we have bank account details for all eligible companies to enable payments to be processed as quickly as possible after Government issues detailed regulations.
Where we don’t already hold bank account details, we will be writing to businesses to collect this information and would encourage them to respond ASAP.
If funding Government isn’t received before payments are ready to be made, this WILL NOT hold up payment.
|Providing further £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000||As above – we are awaiting detailed regulations from the Government and will move as quickly as possible to make payments.|
We are also putting in place a number of additional support measures for local businesses:
- Local suppliers – We are changing our arrangements to ensure suppliers can be paid faster than the current target of 10 days. We will aim to make a payment as soon as an invoice has been authorised.
- Other suppliers – We are changing our current arrangements so that as soon as an invoice has been authorised, payment will be made.
- Support with Business Rate payments – We will continue to work with any businesses that don’t benefit from the national support arrangements to agree affordable Business Rate instalment arrangements.
Councillor Shane Moore, Leader of Hartlepool Borough Council, said: “We recognise the coronavirus outbreak poses significant challenges for businesses in Hartlepool and I hope the steps we are outlining will be of some reassurance to people.
“Supporting Hartlepool companies during this period is a top priority for us and the measures we have set out show Hartlepool Borough Council will support businesses as best as we can through this turbulent time.
“We are writing to all businesses using our Business Rates database but we would also encourage all businesses to ensure we have their correct contact details.”