New Business Support: One-off top up grants and business support
Following the Prime Minister’s announcement last night, businesses that operate in retail, hospitality and leisure will be forced to close until at least February half-term. Following this announcement, there has been a further £4.6 billion released in new lockdown grants to support businesses and protect jobs.
Below is a summary of the new grants and business support which have been made available.
Businesses that operate in retail, hospitality and leisure sectors are to receive a one-off top up grant worth up to £9,000, the Chancellor has announced. The one-off top up grant aims to help businesses through to the Spring.
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 across all nations of the UK.
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
A further £594 million is being made available for Local Authorities and the Devolved Administrations to support other businesses who are not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities for this.
The new one-off grants come in addition to 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.
We will continue to support our clients throughout these uncertain times and provide further information on various grant funding when we can. Additionally, if you have any queries that we can assist with, or if you require any further support with the grants available, please get in touch via 0113 257 4506.