Bridgwater’s Chamber of Commerce urged businesses to take advantage of the packages available. The organization is giving financial support to qualifying businesses to cushion them from the adverse effects of coronavirus pandemic.
As the coronavirus pandemic continues to create uncertainties for local businesses, the chamber urged all transactions to check if they qualify for the grants. Those that are eligible will be issued with the appropriate financial package that fits their business to help remain operational amid the coronavirus crisis.
The head of the chamber announced that businesses must meet the laid out conditions to qualify for the grants. Companies that are in the category of Small Business Rate and have a rateable value not exceeding £15,000 qualify for a grant of £10,000.
Hospitality, leisure, and retail businesses qualify for a grant of £10,000 – £25,000 depending on their eligibility of the Retail Discount with a value not exceeding £51,000.
The statement from the chamber further stated that details of the grants and eligibility criteria could be found on their website. Those willing to take up the grants are required to sign up and submit the details of their businesses through the website.
There is also a scheme meant to cushion employees from job losses following business continued loss-making in companies and even closure. The programme requires the government to pay up to 80% of their wages per month until the situation is normalized.
A portal has been created to allow employees to apply for the scheme. There is another scheme for self-employed people where they can also get a monthly payment from the government during this crisis.
There are other initiatives such as VAT payments deferral and loan schemes meant to cushion those people who are servicing loans. All this information is available on the respective government websites.