Today the Chancellor has announced one-off top up grants for retail, hospitality and leisure businesses who have to close during the current national Covid-19 lockdown worth up to £9,000 per property 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, worth £4 billion in total across all nations of the UK. A further £594 million is also 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 for the new grants.
The new one-off grants come in addition to billions of 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. The new measures are also on top of the previously announced 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, the furlough scheme now extended to April and 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
More details can be found at Gov.uk