The move comes as the Association of British Insurers (ABI) expects the total cost of the riots to homeowners and businesses to exceed £200m.
Speaking to the House of Commons today as Parliament was recalled, Cameron confirmed that uninsured businesses and individuals can seek compensation under the Riot Damages Act if their buildings or property have been damaged as a result of rioting.
He added that the government would ensure the police have the funds they need to meet the cost of legitimate claims, and would extend the normal claim period from 14 days to 42 days.
“I give the people affected this promise: We will help you repair the damage, get your businesses back up and running; and support your communities,” he said.
The Government is also today erecting a new £20m high street support scheme to help affected businesses get ‘up and running quickly’.
In addition, it is granting powers to local authorities to implement business rate relief by funding at least three quarters of businesses’ costs.
Those businesses that have seen the most damage will be eligible for an immediate break from council tax and business rates.
Cameron also added the Government had taken action to cut red tape around planning regulations that were hampering businesses’ efforts to return to stability.
“A specific point was raised with me in Wolverhampton yesterday, that planning regulations make it difficult for shops to put up protective shutters.
“We will weed out unnecessary planning regulations to ensure that businesses can get back on their feet and feel secure as quickly as possible.”
A £10m Recovery Scheme has also been set up to help councils make local areas safe and clean.
HM Revenue & Customs has set up a helpline number – 0845 366 1207 - for those needing help and advice with issues related to tax.