Chancellor announces £4.6 billion in new lockdown grants to support businesses and protect jobs.

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).

Aspire Comment:

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.

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