The UK Chancellor has announced that businesses in the retail, hospitality and leisure sectors are set to receive a one-off grant worth up to £9,000.
The support to businesses follows the Prime Minister’s announcement that business will be closed until at least February half-term.
Cash will be provided on a per-property basis to keep businesses afloat over the next seven weeks through the latest harsh lockdown restrictions. The one-off grant is expected to benefit over 600,000 business properties, that could otherwise struggle financially.
The new one-off grants come in addition to existing business support, including grants worth up to £3,000 for closed businesses.
A further £594 million will be made available for local authorities to support businesses not eligible for the government grants, but might still be affected by the new restrictions.
The government will also provide 100% business rates tax relief for retail, hospitality and leisure businesses, while the furlough scheme has now been extended to April 2021 for businesses to take advantage of and £1.1billion existing discretionary funding for local authorities will now become available.
Our team is standing by to help businesses during this difficult time and are here to help you and take the strain off so you can focus on running your business.