BIBA’s CALL NO: 7 Financial Assistance for Brokers – Business Rates and Grants
7th April 2020
BIBA asks Government to support an immediate three-months business rates break for all businesses regardless of size and for financial funding grants to assist small brokers.
Update: 01/05/20: On 28 April the Chancellor announced a new scheme to help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000. So called ‘bounce-back’ loans. We were very pleased to note that insurance brokers are specifically mentioned as being eligible to apply. Find the application process here but please note that certain conditions and restrictions apply.
Government has confirmed to BIBA that brokers in England are eligible to apply for:
- Small Business Grants Fund for £10,000 https://www.gov.uk/government/publications/coronavirus-covid-19-guidance-on-business-support-grant-funding: and (Please note brokers are not eligible for the Retail, Hospitality and Leisure Grant Fund also mentioned in the link.) and
- Small Business Rates Relief https://www.gov.uk/apply-for-business-rate-relief/small-business-rate-relief
The Devolved Government in Northern Ireland is operating a slightly different version of this details of which can be found at : https://www.economy-ni.gov.uk/news/covid-19-business-support-grant-schemes
The Scottish government has passed the administration of these to their local authorities so brokers will need to contact their relevant council.
Update: 06/04/20: We have written to HMT asking for business rates breaks and grants to be extended from retail, leisure and hospitality sector to insurance brokers.
Update: 30/03/20: The Chancellor has announced that all retail and hospitality firms will be exempt from paying business rates for the next 12 months