Businesses in the retail, hospitality and leisure sectors may be entitled to up to £9,000 in grant funding to cover the costs of Covid-19 disruption, it has been confirmed.
The scheme comes in response to the third national lockdown, during which time only essential premises will be allowed to stay open for business.
The one-off top-up grants will be issued to businesses based on their 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; and £9,000 for businesses with a rateable value of over £51,000.
A further £594 million worth of discretionary grant funding will also be made available to local authorities to support businesses impacted by the new restrictions but not eligible for a retail, hospitality and leisure grant.
In total, the fund is estimated to support 600,000 businesses properties until at least February, when the lockdown is expected to end.
Commenting on the scheme, Chancellor Rishi Sunak said: “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 grant funding comes in addition to existing support measures, which include 100 per cent business rates relief and the recently extended Coronavirus Job Retention Scheme (CJRS) and finance initiatives.
Extended until at least April 2021, the furlough scheme now covers the cost of 80 per cent of employees’ wages for hours not worked, while the various Government guarantee schemes, such as the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans (BBL), will continue to take new applications until 31 March 2021.
For more business support, including advice on grant funding, investment, and corporate finance, please get in touch with Maung Aye at Mackrell.Solicitors today.