The Chancellor has just announced that businesses in the retail, hospitality and leisure sectors will receive one-off top-up grants worth up to £9,000 per property to help keep them afloat until 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
On top of this, the Government will provide 100% business rates relief for retail, hospitality and leisure businesses and have a £594 million discretionary fund available to support other impacted businesses. This comes in addition to the £1.1 billion discretionary grant funding for Local Authorities which is worth up to £3,000 a month and the extension of the furlough scheme until April 2021.
All of this follows the Prime Minister’s announcement last night stating that all these businesses will be closed until at least February half-term in order to help control the virus.
As always if you need any support about the one-off grants or guidance regarding how this applies to you and your business, feel free to get in touch with a member of our team by calling 01454 619900 or emailing firstname.lastname@example.org.