The Treasury has announced a £3,000 grant for businesses that do not pay business rates to help them survive the coronavirus pandemic.

For a commercial property with a rateable value of £12,000, this is one quarter of its rateable value, or comparable to three months of rent.

The additional £2.2billion of funding for local authorities who collect business rates is part of a package of fiscal measures to help small business survive the coronavirus pandemic. However, it is not yet clear how businesses will access the grants.

This comes on top of the government announcing in the their recent budget that companies in the retail, leisure and hospitality sectors with a rateable value of less than £51,000 will not pay any business rates this year. This includes hotels, restaurants and coffee bars.The discount that pubs receive on their business rates will increase from £1,000 to £5,000, as long as their rateable value is below £100,000 in England.