March 25, 2020
Peterborough City Council is putting the following support measures in place:
Business Rates (National Non-Domestic Rates)
12 month Business Rate Holiday – A 12 month business rates holiday for all retail, hospitality and leisure businesses in Peterborough has now been implemented from 1 April 2020 to 31 March 2021. This will also apply to non-local authority childcare providers. This will mean these businesses have £33million less to pay – collectively – for the next financial year. Revised bills, with zero to pay, are due to be produced and sent this week.
Small Business Grant Funding – All businesses in receipt of small business rate relief or rural rate relief will receive a £10,000 grant fund to help ease the impact of Covid-19.
Retail, Hospitality and Leisure Grant Funding – All businesses in the retail, hospitality and leisure business, which occupy property with a rateable value of between £15,000 and £51,000 will be receive grant funding of £25,000. This will help to ease the impact of Covid-19 on their business.
The grant funding above will be automatically paid following receipt of Government legislation allowing Peterborough City Council to do this. It will be done automatically, so business ratepayers don’t need to do anything. In the meantime, bills and direct debits will be paused for businesses that fall into the above sectors.