Retail businesses can access £9k grants in new UK lockdown relief measures
The UK government has announced a £4.6 billion series of measures designed to relieve the pressure on businesses during the new lockdown. The “one-off top up grants for retail, hospitality and leisure businesses [are] worth up to £9,000 per property to help businesses through to the spring”.
It will be interesting to see how many big-name retailers access the grants given the large number that have recently returned government support cash amid the backlash against wealthy companies taking public money.
The grants come along with a £594 million discretionary fund that’s been made available to support other impacted businesses. And this is in addition to £1.1 billion further discretionary grant funding for local authorities, with Local Restriction Support Grants worth up to £3,000 a month, and an extension of the furlough scheme.
The measures come after the Prime Minister on Monday put England back into lockdown for at least six weeks while Scotland also started a lockdown at midnight. Wales and Northern Ireland are also locked down at present.
Chancellor Rishi Sunak said: “The new strain of the virus presents us all with a huge challenge — and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.
“A further cash injection to support businesses and jobs until the spring will help businesses to get through the months ahead -– and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen”.
The new grants for retailers will offer £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 and £9,000 for businesses with a rateable value of over £51,000.
Out of the full amount, the Treasury added that the Scottish Government will receive £375 million, the Welsh Government will get £227 million and the Northern Ireland Executive £127 million.
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