The Executive has also provided a grant of £10,000 to all small businesses who are eligible for the Small Business Rate Relief Scheme, and a grant of £25,000 provided to companies in the hospitality, tourism and retail sectors with a rateable value from £15,001 up to £51,000.
Additional measures to assist businesses include:
- Deferral of the issuing of all rate bills from April until June to help businesses with short-term cash flow.
- Reduction in the Regional Rate multiplier for all businesses equating to a significant 18 per cent cut to the 2019/20 rate.
- Extension of the Small Business Rate Relief scheme for the current financial year.
The schemes are administered by the Department for the Economy, with assistance from Land and Property Services. Added together they will provide around £370 million of assistance to businesses with the aim of helping their immediate cash flow pressures.
Propertymark has raised the importance of alternative additional support measures for the private rented sector. The Minister has said that the Executive is keeping the situation under close review and will consider what further support the Executive can provide. This includes continuing to work with the UK Government with a view to providing further measures to support businesses and protect jobs.
