New lockdown grants to support businesses
Businesses in the retail, hospitality and leisure sectors are to receive a one-off top-up grant worth up to £9000 to help them through to the Spring, Chancellor Rishi Sunak has announced.
The latest announcement comes in addition to £1.1 billion further discretionary grant funding for local authorities, Local Restriction Support Grants worth up to £3000 a month and extension of the furlough scheme.
The Treasury confirmed that a £594 million discretionary fund will also be made available to support other businesses not eligible for the grants, that might be affected by the restrictions.
These businesses should apply to their local authorities.
The new grants are:
The one-off top-ups will be granted to closed businesses as follows:
- £4000 for businesses with a rateable value of £15,000 or under
- £6000 for businesses with a rateable value between £15,000 and £51,000
- £9000 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.