Reigate & Banstead pay out 16 million in business grants
As of the 20 April 2020 Reigate & Banstead Borough Council has already paid out 69% of its business grants to 1,205 out of 1,750 eligible businesses in the borough – over £16 million.
It is among one of the first local authorities to have started to make its grant payments. The Council has paid all businesses that have responded to our enquiry form so far, and is doing its best to contact the remaining businesses to complete the final payments. The total amount of business grants paid is expected to be around £24 million.
Cllr Mark Brunt, Leader of Reigate & Banstead Borough Council said: “Businesses in the borough – and all over the country – are going through an extremely challenging time. Our business rates and finance teams have been working hard to try to get these grant payments out as quickly as possible and we hope they provide support for the future.”
The Government announced the new grants on 17 March as one of its measures to support businesses following the Covid-19 outbreak. Reigate & Banstead Borough Council received the money on 1 April 2020 and started transferring the money to businesses on the same day.
Businesses who qualify for small business rate relief will receive a one-off grant of £10,000 to help meet their ongoing business costs. Retail, hospitality and leisure businesses with a rateable value of up to £15,000 are to receive a grant of £10,000; those with a rateable value between £15,000 and less than £51,000 are to receive a grant of £25,000.
Businesses should be reassured that most payments have been made – any business who has applied but not yet received their grant should note that due to the BACS process, there may be a three-day delay to receive payment.
The Council has a Supporting our Local Businesses page on its website which includes information about business rates holidays, guidance for food businesses and advice on how businesses can continue to operate safely.
