Latest Business Support Measures

Following on from the announcement of a new national lockdown by the Prime Minister which has forced all but essential businesses to close, the Chancellor Rishi Sunak has today announced new grants to support the retail, hospitality and leisure sectors.

A one off payment of up to £9,000 per property will be available to those businesses which have been forced to close. This will be paid in addition to any support these businesses have already been receiving.

The amount a business will receive is dependent on the rateable value of their property:

– £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 above £51,000

A £594 million discretionary fund has also been made available to councils to support other businesses which have not been forced to close and so do not qualify for the new grants. There has been no detail yet on how these funds will be distributed although it is likely to be similar to the previous discretionary support offered by local councils.

Should you require any help or assistance with this new grant, or any other matter, please contact us.