Following the Prime Minister’s announcement of a new national lockdown in England, the Chancellor, Rishi Sunak, has declared further grants to support businesses through to spring 2021.
One off grants for the retail, hospitality and accommodation sectors
One off grants of up to £9,000 per property will be given to businesses in the retail, hospitality and leisure sectors. This is in addition to the amount that those businesses can already claim of up to £3,000 per month, where they have been forced to closed due to Government restrictions.
The amount of one-off grants a business will receive will depend on the rateable value of their property as follows:
- £4,000 – per property with a rateable value of less than £15,000
- £6,000 - per property with a rateable value of between £15,000 and £51,000
- £9,000 - per property with a rateable value of more than £51,000
Additional funds for other affected businesses
A further £594 million has been allocated as a discretionary fund to support other businesses outside of the sectors listed above. Applications will need to be made by businesses via their local authorities to access these discretionary funds.
No further amendments have been announced to the furlough scheme as yet, which was extended until the end of April 2021 just before Christmas.