Chancellor announces additional business grants
Following the start of the latest lockdown periods across the UK to prevent further spread of COVID-19, Chancellor Rishi Sunak has announced a package of lockdown grants worth up to £9,000 per business.
The new one-off grant is available to businesses in the retail, hospitality and leisure sectors.
Grants will be provided on a per-property basis and is expected to benefit over 600,000 business properties.
Closed businesses will be eligible 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 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 are affected by current COVID-19 trading restrictions. Applications should be made to your Local Authority.
As business support is a devolved policy and therefore the responsibility of the devolved administrations, additional funds have been made available to support Scotland's, Wales' and Northern Ireland's businesses:
- Scottish Government will receive £375 million
- Welsh Government will receive £227 million
- Northern Ireland Executive will receive £127 million
Small businesses in the devolved administrations can also be able to benefit from other UK-wide measures in the government's package of support for business.
Details of how to apply for additional grants will be announced soon.