Chancellor Rishi Sunak has announced a £4.6 billion business support package in England following the introduction of a national lockdown.
Support will include one-off top up grants for any retail, hospitality and leisure business worth up to £9,000 per property to help businesses forced by the lockdown to close. Restrictions in England will be reviewed on 15th February at the earliest.
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 £594 million discretionary fund will also be made available for local authorities to support other businesses affected by restrictions and not eligible for exiting national grant schemes. Businesses should apply to local authorities once details are confirmed.
Chancellor Rishi Sunak said:
The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.
“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.”
Businesses can also continue to access support such as the furlough and government backed loan schemes which were introduced with the first lockdown in March 2020. The Chancellor confirmed before Christmas that these schemes would be extended until March this year.
For businesses which may also have premises in Wales, Scotland and Northern Ireland affected by lockdowns in other UK nations, additional funding has also been made available for the devolved administrations to distribute.