Following Boris Johnson’s announcement that the UK is to enter its third national lockdown, some of the worst affected industries are to receive a cash injection from the government.
As well as a £4.6bn boost for the retail, hospitality and leisure sectors, a further £594 million is also being made available for Local Authorities and the Devolved Administrations to support businesses in other industries.
What new funding is available for businesses?
With the lockdown in place until February half-term at the earliest, retail, hospitality and leisure sectors have been forced to close their doors once again. In a bid to support these businesses which have been struggling since the first lockdown in March 2020, Chancellor Rishi Sunak has announced a £4.6bn funding boost to help get them through to the spring.
This will be broken down into one-off top up grants and will be paid to businesses that have been forced to close on a per-property basis. The amount you will receive depends on your rateable value.
- £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
Any business in the retail, hospitality or leisure sector which has been legally forced to close and cannot operate effectively remotely, is eligible to make a claim for the grant.
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 but have been affected by the restrictions. If this applies to you, please apply to your Local Authority.
If you would like to know more about the funding available to help your business through the pandemic, please get in touch with PKB and we’ll be happy to advise.
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