As we enter a third lockdown the Chancellor has announced businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000 per property to help businesses through to the Spring.
The one-off top-ups will be granted to closed businesses as follows:
– £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
The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, who are affected by the latest restrictions. Further information is to follow, and businesses should apply to their Local Authorities.
The new one-off grants come in addition to billions of existing business support, 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.
The furlough scheme will also be in place until the end of April 2021. This means the state will continue to cover up to 80% of your wage if you can’t work. For full details on the extension to the Coronavirus Job Retention Scheme (CJRS), please read our latest blog here.
Further information on the Chancellor’s latest announcement can be found here.
For advice tailored to your situation, or support with issues you may be experiencing due to the latest restrictions, please speak to your usual PM+M representative, or get in touch on firstname.lastname@example.org and we’ll direct you to the right person.
This information is correct as of 5 January 2021. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.