Issue 46: Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000
£4.6 billion in new lockdown grants to support businesses and protect jobs
The Chancellor has announced additional support to help businesses impacted by new lockdown restrictions get through until spring.
Support includes one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring.
The one-off top-ups will be granted to closed businesses as follows:
£4,000 for businesses with a rateable value of £15,000 or under
£6,000 for businesses with a rateable value between £15,000 and £51,000
£9,000 for businesses with a rateable value of over £51,000
The new one-off grants come in addition to billions of existing business support, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.
The government has also provided 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, the furlough scheme now extended to April and 100% government backed loans, extended until March.
A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions.
Businesses should contact their Local Authorities for more information on the above support schemes.