The Chancellor, Rishi Sunak, has announced a package of one-off grants worth between £4,000 and £9,000 for businesses in the retail, hospitality and leisure sectors, following the announcement of a nationwide lockdown in England lasting until at least mid-February.
The new scheme will be accessed through local authorities and offers funding based on the rateable value of a closed business’s premises:
- £4,000 for businesses with a rateable value of £15,000 or less;
- £6,000 for businesses with a rateable value of between £15,000 and £51,000; and
- £9,000 for businesses with a rateable value of over £51,000.
This funding comes in addition to the existing Government business support schemes, including grants of up to £3,000 a month for closed businesses.
The Chancellor has also announced a further £594 million for local authorities and the devolved administrations to support businesses that are not eligible for the new grants. The devolved administrations will additionally receive equivalent funding to the main grants to distribute as they see fit.
The Chancellor said: “The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.
“Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the spring.
“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
For more information about the support available to businesses during the pandemic, please visit the Coronavirus hub on our website.