The government have already set out an economic package of support for businesses over the Winter, including monthly grants for closed businesses worth up to £3,000 per month, extending the furlough scheme to April and providing further SEISS grants to support the self-employed to April.
However, given further national restrictions announced by the Prime Minister yesterday that will prevent further spread of the virus, today the Chancellor has announced additional support to the most affected businesses, worth £4.6 billion across the United Kingdom.
Retail, hospitality and leisure business premises forced to close can claim a one-off grant of up to £9,000. The one-off additional grant each business premises will receive depends on their rateable value:
- Businesses with a rateable value of £51,000 or above: £9,000
- Businesses with a rateable value of £15,000-£51,000: £6,000
- Businesses with a rateable value of £15,000 or below: £4,000
This one-off grant is in addition to the existing monthly closed grant of up to £3,000 per month that businesses continue to be eligible for. These grants are worth over £1 billion of taxpayer money in total per month.
Over 6,000 retail, hospitality and leisure business premises are expected to benefit from these grants and it should be pointed out that businesses can receive multiple grants, as they are eligible on a per premises basis.
Local authorities will receive the funding for these one-off grants next week and will be encouraged to make the payments as soon as possible.
In addition, Local Authorities will also be given an additional £500 million in discretionary funding to support local businesses.
For more information on the national support announced visit: https://www.gov.uk/government/news/46-billion-in-new-lockdown-grants-to-support-businesses-and-protect-jobs
For more information about how to access this support locally in South Kesteven visit: https://investsk.co.uk/businessgrants or call 01476 406374
