£4.4 million worth of grants has been made available to support businesses in Coventry who have to close, or whose activity is limited, during the current month-long national lockdown.
Grants between £1,334 and £3,000 are to be handed out by Coventry City Council to eligible businesses.
The funding is specifically targeted towards the hospitality and leisure sector, such as restaurants and events venues, and non-essential retail, such as clothing stores.
Councillor Jim O’Boyle explained the City Council’s view that it is “important we do everything we can to help businesses who are struggling financially through no fault of their own.”
Who is eligible and grant distribution
Only businesses with premises liable for businesses rates are eligible to claim the grant, with the amount calculated based on the rateable value of business properties.
Restaurants that normally operate table service but have been limited to takeaway only are also eligible to claim part of the funding.
The value of grants payable, linked to the rateable value for properties subject to business rates, are summarised as follows:
- Rateable Value or £15,000 or below = £1334 per 28-day qualifying restriction period
- Rateable Value of over £15,000 but below £51,000 = £2000 per 28-day qualifying restriction period
- Rateable Value of £51,000 or above = £3000 per 28-day qualifying restriction period
Those businesses that do not have premises liable for business rates, but have nevertheless been impacted by the national restrictions, while not eligible for this grant, may be able to access the Council’s Additional Restrictions Grant, details of which are expected to be announced “as soon as possible”.
Cllr O’Boyle urged all eligible businesses to apply, adding that the City Council “have staff ready and waiting to work out what help is available”.
Further information and application forms can be found at coventry.gov.uk/coronavirusadvicebusinesses.