On 5 January 2021 the Chancellor, Rishi Sunak, announced additional lockdown grants worth up to £9,000 for businesses in certain sectors, including retail, hospitality and leisure. This is part of an additional £4.6bn support package to help businesses through Lockdown 3.0.
This additional grant is aimed at businesses hardest hit by the Covid restrictions and those that have been forced to close due to the new national lockdown. Businesses in retail, hospitality and leisure will be able to claim one-off grants of up to £9,000 per business premises.
The Chancellor announced his new grant after it was announced by the Prime Minister that the new lockdown restrictions were likely to last until at least the February school half term.
The one-off grant will be based upon the rateable value of the business premises.
- £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
In addition to the above the Chancellor also announced that an additional £594m would be made available for local authorities and devolved administrations in order to support those businesses that were not eligible for the one-off grant and those businesses eligible to claim should do so via their local authority.
We would remind you that these grants are in addition to the existing grants that are worth up to £3,000 to qualifying businesses. We would also remind you that the furlough scheme has been extended currently until the end of April 2021 and that there are numerous business lending scheme still available.
The final point that Rishi Sunak’s press release contained was a reminder of the extension of the Self Employment Income Support Scheme. Unfortunately, there was no update for those that had not yet been given any support or did not quality for SEISS.
If you wish to speak to a member of our team regarding any of the information contained in this article please contact us on 020 7330 0000.