Instreatham has been actively monitoring the Coronavirus outbreak here in the UK
We have been communicating directly with the government, on a local and national level. This is helping to ensure our businesses get exactly what they need.
We want to reassure you that we are continuously working in the background to maintain the value we give our members.
Some projects are still running and we’ll keep members informed of any developments with our activities.
At Instreatham BID we will continue to provide a voice for business within Streatham and continue to offer clarification and guidance to our members.
This week, a new tier system was announced to reduce COVID-19 cases across the country. The move from the Medium to High tier for London is effective from midnight on Friday 16th October. All businesses and venues must follow COVID-secure guidelines […]
London Business Hub’s COVID-19 Recovery Grant will open on Friday,16th October at 10.30am. Eligible SMEs will be able to secure grants of between £1,000 – £5,000 to help them access professional, legal, financial or other advice and /or new technology and other minor equipment to address […]
London Business Hub recognise that SMEs and micro business owners now more than ever need access to specialist advice and support to help them have a level playing field when dealing/discussing with their commercial landlords on a range of property […]
You can now apply for the new ‘Pavement License’ at a cost of £100 valid until September 2021. The original tables and chairs Licence will become a new pavement License which allows for expanded outdoor seating to accommodate necessary changes for social distancing on your […]
Lambeth announced the Local Economy Hardship Fund last month to support at risk sectors – businesses that rely on bringing groups of people together face the biggest threat with the ongoing need for social distancing. It will provide £4.2m in […]
As more businesses prepare to open, it is important that you focus on the risks to your premises and regularly review your security. This may be the first time your premise is going to have to change the way that […]
Government support for businesses
The government have announced broader financial support for businesses coping with the economic impact of coronavirus. This includes:
A new support package for businesses affected by high-level (Tier 2) COVID restrictions.
The grants are aimed at businesses in the hospitality and leisure sector and will be allocated to local authorities soon. The funding local authorities will receive will be based on the number of hospitality, hotel, B&B, and leisure businesses in their area, and will assume that these businesses receive grants equivalent to 70% of the grants for which legally closed businesses are eligible.
This would be equivalent to:
- For properties with an RV of £15k or under, grants of £934 per month
- For properties with an RV above £15k and below £51k, grants of £1,400 per month
- For properties with an RV of £51k or above, grants of £2,100 per month
It will be up to Local Authorities to determine what precise funding to allocate to each business – the above levels are only an approximate guide.
Local authorities will also receive a 5% top up amount to these implied grant amounts to cover other businesses that might be affected by the local restrictions, but which may not be in the business rates system.
Who is eligible?
Local authorities have the freedom to determine the precise eligibility criteria for these grants in their local areas. The guiding principle for local authorities is to use the funding to support businesses which have not been legally required to close, but which are nonetheless severely impacted by reduced demand caused by Tier 2 restrictions on socialising.
How can businesses access the grants?
Grants will be administered by Local Authorities, and businesses are likely to need to apply to their local authority for support. It is up to local authorities to determine the payment schedule and timings for these grants.
What can businesses use the grants for?
Businesses can choose to spend the grants as they wish. We expect that many businesses will use the grants to cover high fixed property-related costs.
What about areas which have been living under Tier 2-equivalent restrictions for several months already? Will you help them?
Some areas have been subject to restrictions on socialising for several months, before the tiering system was introduced. Funding for these areas will be backdated until the point at which these restrictions began.
This scheme will initially run until April, with a review point in January. Further information here.
Business Support Helpline
As of March 23rd our staff will work remotely and will continue to be operational during business hours, Monday to Thursday, 9:00 – 17:30. We are available to offer support through all of our channels. If you would like to book a phone consultation to discuss ways in which we can support you please email us to set this up.