Newark and Sherwood District Council swift to give businesses support
Newark and Sherwood District Council has responded swiftly to ensure businesses in the district have received vital cash support to help them through the Coronavirus crisis.
Hundreds of businesses have already received grants promised by central government, which have initially been financed by the District Council recognising the urgent need and using its own resources by re-prioritising its cash flow, ahead of being reimbursed by central government.
Councillor David Lloyd, Leader of Newark and Sherwood District Council, said: “533 businesses in Newark and Sherwood are now in receipt of almost £8.2 million in grants and this is excellent news as it is absolutely critical to support the local economy during the coronavirus crisis which is why we decided to act immediately to get money through to businesses and not wait until April when the government would fund us. Helping businesses increases the prospect of them being able to both ‘furlough’ their existing employees which will also help to protect jobs.
“Our finance and revenues teams have done a fantastic job to ensure these payments have been dispatched within such a short time span. We would encourage those small businesses that are entitled to support and which have not yet completed the online form to do so as soon as possible. For those that have completed the forms, we are working through these as a priority to ensure swift payment.”
There are three types of support for businesses which were announced at the onset of the Coronavirus pandemic. Firstly, a £10,000 grant per business property in receipt of Small Business Rates Relief and Rural Rates Relief or secondly, a £10,000 grant per business property in the Retail, Hospitality, and Leisure Sector with rateable value of £15k or less at March 11, 2020 (If businesses fall within both categories 1 and 2 above, the maximum grant eligible will be £10,000). Thirdly, a £25,000 grant per business property is payable to businesses in the Retail, Hospitality, and Leisure Sector with a rateable value of more than £15k but less than £51k as of March 11, 2020. Funds are initially paid out by the District Council which will be reimbursed by central government.
The Council is also working hard to provide additional assistance to those of working age who are in receipt of help from the Council Tax Support Scheme and they will receive further support for the forthcoming Council Tax year.