March 20, 2020

What financial support is available?

This is a difficult time for everyone, here is some information to hopefully help ease some worries.

In recognition of the likely impact of Coronavirus (COVID-19), the Budget introduced temporary 100% business rates relief for the retail, hospitality and leisure sectors - including gyms and sports clubs - for 2020/21 for businesses with certain rateable values. In addition, the Budget provided that organisations eligible for Small Business Rate Relief would receive a £3,000 grant.

The Chancellor's speech on 17 March extended this temporary 100% business rates relief to all businesses in these sectors, regardless of their rateable value.

This means all businesses in the retail, hospitality and leisure sectors will receive 100% business rates relief for 2020/21.

In addition to rates relief, retail, hospitality and leisure businesses with a rateable value of between £15,000 and £51,000 will be provided with a grant of £25,000.

Small businesses eligible for Small Businesses Rates Relief or Rural Relief will be provided with a one-off grant of £10,000. Businesses eligible for the grant will be contacted by their local authority, funding is due to be provided to local authorities in early April. At present we are seeking clarification on whether Community Amateur Sports Clubs and charities are eligible for this support and we will provide a further update when we know more.

Archery GB, in partnership with other bodies in the sport and leisure sector, is pressing the Government for more financial support for self-employed individuals working in the sector who will be impacted by Coronavirus (COVID-19). You can keep up-to-date with Government updates for employers and businesses on the UK Government website.

Finally, this is a stressful situation, which will undoubtedly have an impact on the mental well-being of some of our members, please click here for the most up to date guidance from the Mental Health Foundation for looking after your mental health during COVID-19.

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