Grants announced to help businesses 'get through the months ahead'
Rishi Sunak has announced that there will be one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the spring.
This follows the Prime Minister’s announcement last night that these business will be closed until at least February half-term in order to help control the virus.
The cash will be 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.
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."
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. These businesses should apply to their Local Authorities for funding.
The new one-off grants come in addition to the 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 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
Prior to the Christmas period, it was announced by Peterborough City Council that business grants of up to £3,000 per month and additional Discretionary Grants of up to £20,000 per business were being made available.
Councillor David Seaton, cabinet member for finance at Peterborough City Council, said of those grants: "We are fully committed to helping businesses during these difficult and unprecedented times. We know how valuable these grants are to businesses, allowing them to continue to operate and support their employees.
"I would urge all businesses in Peterborough to check their eligibility against both the national grant schemes and this new discretionary scheme and to please get in touch with us at the earliest opportunity."