With many businesses having to close due to lockdown 3.0, the Chancellor has announced further support for businesses on 5th January, 2021.
- Retail, hospitality and leisure businesses will get one-off top up grants worth up to £9,000 per property.
- Impacted businesses will have access to a discretionary fund of £594 million. It is 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.
- Local Authorities have a further discretionary grant of £1.1 billion
- Local Restriction Support Grants worth up to £3,000 a month
- The furlough scheme has been extended to April
- Up to £2,100 per month for impacted businesses once they reopen
- 100% government backed loans, extended until March.
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
Mr Sunak said he would consider whether or how to extend support packages in the Budget on 3rd March.