Hospitality businesses will soon be able to apply for access to a new lockdown grant, announced today by Chancellor Rishi Sunak.
Businesses across the hospitality, retail and leisure sectors will receive new grants up to £9,000 per property, the Treasury confirmed.
The grant has been introduced to help businesses keep afloat until Spring.
A pot of £594m will also be made available to firms outside of these sectors to support other impacted businesses, Sunak said, with the total package of support worth £4.6bn.
The grants will be in addition to the business rates relief for the hospitality and tourism until March and the extension of furlough.
The announcement follows the Prime Minister’s announcement last night that England will go under strict lockdown rules from today, similar to those enforced in March at the start of the pandemic, amid a rise in virus cases.
Businesses are expected to stay closed until at least February half-term.
Chancellor Rishi Sunak said: “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.”
Further information on the grants
- 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
- business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding as a result of these announcements in the usual manner:
- the Scottish Government will receive £375 million
- the Welsh Government will receive £227 million
- the Northern Ireland Executive will receive £127 million
- this is on top of the increased funding which has already been guaranteed by the UK Government, to continue to provide the devolved administrations the certainty they need to plan for their COVID-19 response in the months ahead.
- small businesses in the devolved administrations should also be able to benefit from other UK-wide measures in the government’s unprecedented package of support for business, including the various business lending schemes (where the repayment terms were made easier as part of the Winter Economy Plan), and the extension of the Self Employment Income Support Scheme