News update: Evictions ban for business owners affected by the Covid-19 pandemic
The moratorium on forfeiture proceedings for commercial leases has been extended until the end of March 2021 to protect businesses from the threat of eviction and to help them rebuild over the winter months.
Restrictions on landlords using Commercial Rent Arrears Recovery (CRARS) have also been extended to try and help businesses pay any outstanding rent owed.
Finally, a review of commercial landlord and tenant legislation will also be launched early next year, to better align the system with the current economic conditions.
More information is due to be published shortly including support to aid negotiations between landlords and tenants. The full details of this announcement can be found on here on .gov.uk
30th September 2020 - Covid-19 legislative amendments
The Government has announced that the moratorium on forfeiture of commercial leases for non-payment of rent will be extended from 30 September to 31 December 2020.
Whilst forfeiture provisions should remain included in all new leases, from a practical perspective, landlords will be unable to exercise such provisions until the end of the moratorium.
9th September 2020 update:
If your business is required to shut due to lockdown restrictions or other local interventions, then you may be able to claim a grant of up to £1,500 for every three weeks it remains closed.
Further details, including the amounts businesses could be entitled to are contained in the full announcement on .gov.uk
4th May 2020 update:
On 2nd May 2020, the government announced new funding worth £617m for small businesses in shared spaces such as co-working spaces or market traders. This support comes in the form of £10,000 & £25,000 grants to small businesses that missed out on the coronavirus business rates relief grants announced back in March.
Many small businesses missed out on those grants because they weren’t on their local council’s rates list. The aim of this new fund is to help those small businesses with their fixed property-related costs.
Local authorities are to prioritise businesses in shared spaces mentioned above, as well as those occupying small charity properties, bed and breakfasts that pay council tax instead of business rates and other businesses as they see fit. At their discretion, local authorities may make payments of under £10,000.
To qualify, businesses must have fewer than 50 employees and be able to show that they’ve suffered a significant drop in income as a result of the Covid-19 crisis and resulting restrictions.
This guide, in support of our COVID-19 rapid-fire video series, sees us talking to Mark, our expert from Alma consulting. The following video takes a look at some of the critical questions that commercial tenants are asking them right now, during these very challenging times.
Aside from the other related posts linked around this page, Farillio users can also access our other guides and templates which we're reviewing and updating as the crisis develops...