Good morning all,
It seems we've been here before, doesn't it? With news of another national lockdown announced last night, I have been waiting for an update on the additional financial support being made available - In between filing tax returns, I will read, learn and understand the exact processes and report to you, but in the meantime, here is a brief outline below.
Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the chancellor has announced.
The news comes after the prime minister’s announcement that businesses will be closed until at least February half-term in order to help control the spread of Covid-19.
Alongside the grant for retail, hospitality and leisure, the chancellor also announced a new £594m discretionary fund made available to support other impacted businesses.
This comes in addition to the £1.1bn in further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month and the extension of the furlough scheme.
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 £4bn in total across all nations of the UK.
Chancellor Rishi Sunak said: “The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further. Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring.
“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
The new one-off grants also 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.
Details of financial assistance can be found by following this Financial Support link. It is updated regularly.