Rishi Sunak has outlined £4,600,000,000 plan to help businesses deal with the third lockdown.
It includes one off top up grants of up to £9k for retail, hospitality and leisure venues. The grants include:
- £4k for businesses with a rateable value of £15k or under
- £6K for businesses with a rateable value between £15k and £51k
- £9k for businesses with a rateable value of over £51k
There is also a £594 million discretionary fund also made available to support other impacted businesses.
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.
Further cash injection to support businesses and jobs until the Spring
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 grants come in addition to billions of existing 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 provided 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, the furlough scheme now extended to April and 100% government backed loans, extended until March.
Visit the GOV.UK website to find out more.
