New lockdown grants to support businesses
The Chancellor of the Exchequer has announced new grants to support businesses in retail, hospitality and leisure sectors.
Following the latest announcement for further lockdown measures, these businesses will now be closed until at least February.
The one-off top up grants are worth up to £9,000 per property. It is anticipated that it will provide help to over 600,000 affected businesses.
The Chancellor of the Exchequer, 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.”
Other businesses not eligible for grants but have been impacted by the lockdown can apply to their Local Authority as the government has also made an additional £594 million available.
Retail, hospitality, and leisure businesses also have 100% business rates relief. As well as £1.1 billion existing discretionary funding for Local Authorities and the furlough scheme extended to April 2021.
For the businesses within the retail, hospitality, and leisure sectors the new top up grant will be based on the businesses property rateable value:
- £4,000 with a rateable value of £15,000 or under
- £6,000 with a rateable value between £15,000 and £51,000
- £9,000 with a rateable value of over £51,000
If you need accountancy support and advice during this time, get in touch.
Navigating the accounting journey
When we work with our clients, we look at the complicated and turn it into practical solutions – jargon free. We want to help you navigate your financial journey as smoothly and efficiently as possible helping you concentrate on growing your business.
If you need help with your business accounts contact us today our team of accountants based in Oxted, Surrey can help guide you through all the different compliance and advisory challenges you may be facing.
Read more about our outsourcing, advisory and compliance services.