When Boris Johnson informed people to stay at home to save lives in the latest lockdown, many businesses were forced to close their doors overnight.
Lockdown 3 was a bleak way to start 2021, but Rishi Sunak then revealed new support for struggling businesses hit by the latest Covid restrictions.
Here’s information about the support Rishi Sunak is offering between now and March 2021.
New Grant Support For Lockdown 3
Businesses in retail, hospitality and leisure will be eligible to receive one-off grants of up to £9,000 per business premises.
The only eligibility is that businesses must have been forced to close their doors during the current Covid restrictions.
The amount that a business will receive will be dependent on their rateable value:
1. For businesses with a rateable value of £15,000 or less, a grant of £4,000 will be given.
2. If a business has a rateable value between £15,000 & £51,000 they will be receiving a £6,000 grant.
3. The full £9,000 grant will be available for any businesses with a rateable value of over £51,000.
More Support For Local Authorities
The support continued as Rishi Sunak injected £594million into local authorities. This was in order to support businesses who aren’t eligible for the one-off grant.
If that’s you, then you’re encouraged to apply to your own local authority for this support.
Sunak stated that the new strain of coronavirus required “swift action”, and the support would help businesses up until the Spring and sustain jobs.
All of this new support is not a replacement of the previous support, but actually is on-top-of the current support already available.
Other Support Still Available For Your Business
There are existing grants available worth up to £3,000 still available for businesses that are forced to close due to restrictions in their local area.
The furlough scheme was also recently extended until April, and the Chancellor has encouraged businesses to use that scheme when & where they need it.
Sunak has promised to revisit this support on the 3rd March, at which point they will ‘set out the next stage of the economic response’.
Questions are already being asked of the support, with a strong focus on those who may be repeatedly falling through the gaps of these support packages.
There is also concern among businesses of the impending self-assessment deadline, which HMRC has currently rejected calls to extend. The deadline is on 31st January.
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