The Chancellor announces £4.6b in grants to support businesses in the retail, hospitality, and leisure sectors, through the latest national lockdown.
This revelation from Rishi Sunak follows the Prime Minister’s lockdown announcement on the 4th January. It is expected these grants will benefit over 600,000 business properties across all nations of the UK.
What’s Available?
- One-off top up grants for retail, hospitality, and leisure businesses worth up to £9,000 per property
- £594m discretionary fund will be available for businesses impacted outside of these sectors
- Latest grants are in addition to the £1.1b funding for Local Authorities, Local Restriction Support Grants worth £3,000 and the extension of the furlough scheme until the end of April
A total of £594m will be accessible to Local Authorities and the Devolved Administrations to support other businesses not eligible for grants – businesses should apply to their Local Authorities for this.
It has also been announced that the government has provided 100% business rates relief for retail, hospitality, and leisure businesses. This is alongside the £1.1b existing discretionary funding, the furlough scheme having been extended until April, and the 100% government backed loans extended until March.
The Scottish Government will receive £375m, the Welsh Government will receive £227m, and the Northern Ireland Executive will receive £127m. This is a continuation of funding already guaranteed by the UK government.
On the 5th January, Sunak stated:
“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.”
Value of grants for closed businesses:
£4,000 for businesses with a rateable value of £15,000 or under
£6,000 for businesses with a rateable value between £15,000 and £51,000
£9,000 for businesses with a rateable value of over £51,000
Are you thinking of selling your business? Find out how much your business is worth instantly for FREE with our online Valuation Tool.