Business support in Lockdown Three – Coronavirus Update

As 2021 begins, a new strain of the Coronavirus has taken hold of the nation and subsequently, many businesses have had to close their doors once more. Following the government’s announcement of a full national lockdown on 4^th January 2021, Rishi Sunak has announced further business support for those affected by the restrictions.

One-off Grants

Businesses working in the retail, hospitality, and leisure sectors will receive a one-off grant worth up to £9,000, as these businesses have had to close their doors until at least the February half term at the very earliest. This, alongside the current support, aims to help these businesses through this extremely difficult time.

Businesses will receive different monetary amounts based on their rateable value, and the breakdown is as follows:

• A Rateable value of £15,000 or under = Grant sum is £4,000
• A Rateable value of between £15,000 and £51,000 = Grant sum is £6,000
• A Rateable value over £51,000 = Grant sum is £9,000

Any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.

Additional Funding

In order to support businesses who are not within the retail, hospitality, and leisure sectors, but have been affected by Coronavirus, the government has also announced that they will be providing additional funding and grants to local authorities to support those businesses.

The Furlough scheme and Self Employment Income Support Scheme is still available and there are also Local Restriction Support Grants worth up to £3,000 a month available.

This business support is a devolved policy, which means that it is the responsibility of the devolved administrations. The Scottish Government is to receive up to £375 million, the Welsh Government will receive up to £227 million and North Ireland will receive £127 million.

We’re Here To Help

If you have any questions at all on the new support measures in place, please do not hesitate to get in touch. Our office in Nantwich is closed but our team are working from home to support our clients through this difficult time.