In the initial budget, the Chancellor announced £3,000 grants for small businesses. This small business coronavirus cash grant was then increased to £10,000 on 17th March.
This is part of a £330bn package of support for businesses.
How do I get the government £10,000 coronavirus cash grant?
Eligibility is still based around rate relief.
Those who qualify for Small Business Rate Relief (SBBR) or Rural Rate Relief will be able to get the funding.
The Department for Business, Energy & Industrial Strategy will be working with local authorities to outline the scheme and encourage local authorities to prepare.
You should contact your local authority to check their process to claiming.
Local authorities have been paying out on these grants
The coronavirus grant only applies to small business in England.
Business rates in Scotland, Wales and Northern Ireland are set by their devolved administrations
Are the grants taxable?
In the absence of any specific guidance to the contrary, we assume that normal tax rules apply and these grants will be taxable as income. The business can then claim tax relief on the expenditure supported by the grant.