Following the announcement of further lockdown measures on 4 January 2021, the Chancellor has announced a further £4.6 billion in new lockdown grants in order to support businesses through the new measures and protect jobs.
One-off top up grants will be available for retail, hospitality and leisure businesses worth up to £9,000 per property.
The one-off top-ups will be granted to closed businesses 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
A £594 million discretionary fund has also been made available to support other impacted businesses.
This comes in addition to £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month and the extension of the furlough scheme (CJRS).
These announcements will come as a huge relief to those sectors that have been severely affected by Covid-19 and the uncertainty given the new lockdown restrictions by giving businesses a further extension to funding which will help many keep jobs open for their employees in the hope of business income being restored.
We are working with a number of clients with employment guidance, such as restructuring, redundancies, home working and absence policies. Please get in touch with one of our advisors on 0121 445 6178 for a chat to see how we can support you and your business.