Businesses in the retail, hospitality and leisure sectors forced this week to close until at least the middle of February 2021 will receive a one-off grant worth up to £9,000, the Chancellor yesterday announced.
The one-off top-ups will be granted on a per-property basis 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
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, that might be affected by the restrictions. Businesses should apply to their Local Authorities.
The new one-off grant comes in addition to other 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 previously confirmed 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, extension of the furlough scheme until April and 100% government backed loans extended until March.
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