COVID-19: A new £4.6 billion support package for businesses

With a national lockdown predicted to continue until mid-February, the levels of uncertainty have risen for thousands of businesses across the UK.

Last week, Chancellor Rishi Sunak announced one-off grants available for businesses in the hospitality, retail and leisure sectors. The new grants are expected to benefit over 600,000 businesses and are worth £4 billion in total across all nations of the UK.

How much can businesses claim?

For retail, hospitality and leisure businesses, up to £9,000 per property can be claimed.

For other businesses impacted, a £594 million discretionary fund has also been made available.

Who is eligible?

The eligibility criterion is based on the rateable value of the closed business.

  • If your business has a rateable value of £15,000 or under, you will be eligible for £4,000
  • If your business has a rateable value between £15,000 and £51,000, you will be eligible for £6,000
  • If your business has a rateable value over £51,000, you will be eligible for £9,000
  • This grant will only apply to any business which is legally required to close and cannot operate effectively remotely

What other support measures are available?

  • 100% business rates relief is available for retail, hospitality, and leisure businesses
  • £1.1 billion existing discretionary funding for local authorities
  • Furlough scheme is now extended to 30 April 2021
  • 100% government backed loans are extended until 31 March 2021
  • The Self Employment Income Scheme grants extended until April 2021

How can we help?

If you are looking for further advice on business support measures, please get in touch with Andrew Noton (andrewnoton@lubbockfine.co.uk). Alternatively, feel free to contact your usual Lubbock Fine contact

Related posts

Blog archive