The Chancellor, Rishi Sunak has announced £4.6 billion of new lockdown grants. Businesses in the retail, hospitality, and leisure sectors are to receive a one-off grant worth up to £9000.
Following the Prime Ministers’ Lockdown announcement last night, these businesses will remain closed until at least February half term. This announcement of further grants is to help support these businesses and jobs through the spring period. The cash injection is to help businesses get through the tough months ahead and sustain jobs – so workers are ready to return when able to do so. This support comes in addition to the £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month, and extension of the furlough scheme
The cash is provided on a per-property basis to support businesses through the latest restrictions. It is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
The one-off top-ups will be granted to closed businesses as follows:
In addition, £594 million is being made available for Local Authorities and the Developed Administrations to support other businesses not eligible for the grants that have been affected by the restrictions. Businesses should apply to their Local Authorities for this.
The new one-off grant is an addition to the business support available, 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.
We will provide an update on how to apply for these new grants once more information is released.
If you have any questions about the recent announcement or the grants available please get in contact with the HPC team today. We are here to support you through these tough times. We hope you all stay safe.
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