Financial Support Latest as we head into another National Lockdown

financial support for businesses affected by lockdown

In light of last night’s news on another National Lockdown, the Chancellor has released news on further grants available to those businesses in the hospitality, retail and leisure sectors.

One-off top up grants for those with business premises will be available for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring

  • £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 might be affected by the restrictions.

Businesses should apply to their Local Authorities.

This comes in addition to £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month and extension of furlough scheme.

Furlough will continue, with current plans for it to run until the end of March. Those who cannot work because of lockdown measures will be able to be furloughed by their employers.

Chancellor, Rishi Sunak also outlined what will happen with furlough beyond March following senior Conservative politicians warning that lockdown is likely to also continue into the spring.

The scheme is likely to remain the same as it has done previously, with employees receiving 80 per cent of their current salary. People can also still be furloughed part-time.

We’ll let you know more as we hear it…

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