NEW LOCKDOWN GRANT

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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.

SRC-Time are one of the South East’s leading accountancy firms in advising on all aspects of business, taxation and corporate finance and we can assist in any issue raised above. 

Our expert team is available to provide you with advice and can be contacted on 01273 326 556 or you can drop us an email at info@src-time.co.uk or speak with an account manager to get any process started. 

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