£40m business support grants now being issued to local businesses

More than 6,000 Thanet businesses will receive a share of £40 million grant funding to support them during the coronavirus pandemic.

Thanet District Council has so far issued £3.25 million to businesses who pay their Business Rates by Direct Debit, as part of its first phase of support.

The second phase, which involves the payment to eligible businesses who do not pay by Direct Debit, is now underway.

Eligible businesses must complete an online form to provide information such as bank details, company and VAT registration number, as well as the business rates account reference which can be found on the most recent bill. 

Once a correctly completed form is submitted it will be validated. Validation will take place within a 24 hour period Monday to Friday*. You will need to allow up to five working days for the BACs payment to credit the account.

As part of this process, the council will contact all known eligible businesses by letter or e-mail to promote this, however businesses do not wait to receive this correspondence and can complete the online form now.

There are two funding streams available.

• Small business grant – many small businesses which receive small or rural business rates relief (with a rateable value under £15,000) will receive a payment of £10,000. 
• Retail, hospitality and leisure grant – businesses within the retail, hospitality and leisure sector with a rateable value between £15,000 and £51,000, will receive a £25,000 grant. 

Thanet District Council is working hard to deliver these support packages as quickly as possible and has already recalculated business rates for those businesses eligible for retail or nursery discounts, over 1,000 in all. 

The council recently contributed £5,000 to bolster the Kent Growth Hub and provide a dedicated support line for COVID-19 related issues. The line (03333 602300) is in operation from 8.30am to 6pm, Monday to Friday.

There is a comprehensive Frequently Asked Questions webpage (thanet.gov.uk/businessfaqs) for businesses which is being updated regularly. 

The council will continue to use social media and work closely with its partners to help as many businesses as possible during this difficult time. 

*Please note, as the council offices are closed for the Easter bank holiday, validation will take longer this week. Thank you for your patience.