With the latest move by the government placing England into a new national lockdown, matching those across the rest of the UK, Chancellor Rishi Sunak has this morning announced further support that is to be made available to businesses.
The intention of these measures are to help those sectors hardest hit by the new restrictions, and where home-working is not possible, to allow them to see themselves through the months ahead as best possible.
The most significant announcement was in relation to the one-off top up grants based on closed business premises with a scaled-up amount available dependent upon the rateable value. Crucially, this is on a per property basis and not on a per company basis, meaning those with multiple shops for example can access a higher amount than previously.
The grants proposed are 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 grants are expected, as with previous grants, to be administered by the Local Authorities and they should contact applicable businesses directly. These grants are also over-and-above those for business that were previously forced to close under the ‘tier system’.
In addition to this, the Chancellor also announced a further £594m being made available to Local Authorities to support business not eligible for the above grants but have been affected by the new restrictions. Again, these should be applied for through the Local Authority.
These packages add to the recent extensions of the furlough scheme to the end of March 2021, the extension of the bounce back loan scheme and CBILS loan scheme to the end of March 2021, and the ongoing 100% rates relief for business in the retail, hospitality and leisure sectors.
We expect further announcements for those who are self-employed in the coming days, but as it stands the third self-employed income support scheme (SEISS.3) grant opened on 30 November and you currently have until 29 January 2021 to submit your claim
At Rickard Luckin our team remain focussed on supporting our clients through these ongoing challenging times and are working across all sectors to help provide the support and guidance needed. If the new restrictions mean you may be looking to access support for the first time, or are uncertain about the next few months and what lies ahead, then please speak to your regular Rickard Luckin contact who will be able to provide personalised advice and support as required.