Support for Businesses Due to the New Lockdown

In light of the new lockdown measures, the Chancellor has announced that businesses in the retail, hospitality, and leisure sectors are to receive a one-off grant of up to £9000 per property. This relates to the Prime Ministers’ announcement last night in regards to these businesses being closed until February half term at least. The new grant comes as an addition to the other existing business support such as grants worth up to £3000 for businesses who are closed, and up to £2100 per month for businesses once they reopen. The government has also provided 100% business rates relief for businesses in the retail, leisure, and hospitality industry, £1.1bn discretionary funding for Local Authorities, the Furlough Scheme is also extended to April and 100% government-backed loans have been further extended until March.

Who will the one-off top-ups be granted to?

They will be granted to closed businesses as follows:

-          £4000 to businesses with a rateable value of £15000 or below

-          £6000 to businesses with a rateable value between £15000 and £51000

-          £9000 for businesses with a rateable value of over £51000

-          Small businesses should also be able to benefit from the governments’ support packages including the Winter Economy Plan and the extension of the Self Employment Income Support Scheme.