Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000.
Chancellor of the Exchequer Rishi Sunak has announced today 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
He also unveiled a £594 million discretionary fund to support other impacted businesses.
These new funds are 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
How it will work
The one time grant 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 nationwide
It 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
The £594 million will be passed to the four home nations. In England this will be distributed by local authorities.
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