Further financial support grants announced due to Lockdown 3.0
The Chancellor has this morning confirmed that businesses in the retail, hospitality and leisure sectors are to receive one-off grants ranging between £4,000 and £9,000.
A £594 million discretionary fund has also been made available to support other impacted businesses which will be available via Local Authorities across the United Kingdom, including the Devolved Administrations.
The above measures are in addition to the existing discretionary grant funding for Local Authorities, the Local Restriction Support Grants, plus the extension of the furlough scheme, the availability of Government backed loans, and further grants under the Self Employed Income Support Scheme until the end of March 2021 - more information here.
The announcements come after the Prime Minister’s confirmation last night of further lockdown, meaning that these businesses will have to close until at least February half-term in order to help control the spread of COVID19.
The cash grant is provided on a per-property basis to support businesses through the latest restrictions.
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 apply to their Local Authorities.
What grants are available?
The one-off top-up grants announced today will be granted to businesses required to close as a result of yesterday's announcement 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
What about Devolved Administrations?
The devolved administrations will receive additional funding as a result of these announcements in the usual manner.