One-off grants worth up to £9,000 will be available for businesses in retail, hospitality and leisure to help them stay afloat until spring 2021, the Chancellor has announced. The grants, which are expected to benefit over 600,000 business properties, are provided on a per-property basis to support businesses through the restrictions. Closures are set to be in effect until at least February half-term to help control the virus.
A £594 million discretionary fund is also being made available for local authorities and devolved administration to support businesses who are not eligible for the grants.
The Scottish Government will receive £375m, the Welsh Government £227m and the Northern Ireland Executive £127m. Grant recipients do not have to pay the money back. The measures are in addition to business rates relief and the furlough scheme, which was recently extended until the end of April.
The deadline for the government’s coronavirus emergency loan schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS) was recently extended to the end of March.
Rishi Sunak said he would consider whether or how to extend support packages in the Budget on 3 March. You can read the full report on this story on the BBC and access more information about the new lockdown grants, as well as other financial support measures for businesses, on the government’s website.
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