Chancellor announces some additional support for businesses
I hope that you, your families and colleagues remain safe and well, and that you were able to enjoy the festive break. Despite the current lockdown, here at Corinthian we remain optimistic that 2021 will bring brighter times than 2020, and to once again let you know that we are all working remotely and we are here to help you and your colleagues.
As you may be aware the Chancellor Rishi Sunak, announced some additional support measures for businesses particularly in the retails, hospitality and leisure sector that have been forced to close.
The Chancellor has made available an additional £4.6 billion for the hardest hit businesses in the form of a new lockdown grant. This is a one-off cash grant of up to £9,000 per business property to help businesses in the following sectors that have been forced to close:
The funding is expected to benefit over 600,000 business properties across the UK and is allocated 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
Local Councils will be given an additional £594 million discretionary fund to support other businesses not eligible for the above grant but that are affected by the restrictions. Those businesses should apply direct to their Local Authority for this.
I am also attaching an article (2 min read) that we recently published on our social media channels, which you may find interesting. As ever, please feel free to contact me or our Client Support team if you need us, and we will be happy to help.