Businesses forced to close during the second national lockdown will receive grant funding of up to £3,000 per month, it has been announced.
The announcement comes ahead of new restrictions set to see all non-essential shops and businesses close until at least December.
Under the new package of support, businesses required to close in England due to local or national restrictions will be eligible for the following:
- For properties with a rateable value of £15,000 or under, grants to be £1,334 per month, or £667 per two weeks
- For properties with a rateable value of between £15,000-£51,000 grants to be £2,000 per month, or £1,000 per two weeks, or
- For properties with a rateable value of £51,000 or over grants to be £3,000 per month, or £1,500 per two weeks.
Some £1.1 billion will also be made available to local authorities to distribute to businesses in special circumstances, such as those forced to close but not eligible for grant funding.
Commenting on the financial support, Chancellor Rishi Sunak said: “Over the past eight months of this crisis we have helped millions of people to continue to provide for their families. But now – along with many other countries around the world – we face a tough winter ahead.
“I have always said that we will do whatever it takes as the situation evolves. Now, as restrictions get tougher, we are taking steps to provide further financial support to protect jobs and businesses. These changes will provide a vital safety net for people across the UK.”
The new support package also includes an extended Coronavirus Job Retention Scheme (CJRS), which will now cover up to 80 per cent of employees’ wages, up to a maximum £2,500 per month.
For help and advice applying for grant funding, please get in touch with our expert team today.
