Chancellor Rishi Sunak has announced a £4.6 billion programme of new lockdown grants to support businesses and protect jobs through the next phase of the pandemic.
To summarise what we know currently, businesses in retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000 to help keep them afloat until the Spring.
The top up grants will be granted to support closed businesses on a per-property basis 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 over £51,000.
Separately, a £594 million discretionary fund has also been made available for local authorities to support other impacted businesses outside of these sectors that are not eligible for these one-off grants.
This support is in addition to the business rates relief and the furlough scheme, which has been extended until the end of April.
Businesses should apply to their local authorities. Full details can be found on the GOV.UK website.
Councils are awaiting further guidance from the Government on the grants – information on how businesses can apply and receive this financial support will be shared when more details emerge.
If you have specific questions about how this subject could affect your company, call us as a leading provider of business accounting and tax services in the South West.
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