Following the news on 4 January 2021 of the latest lockdown restrictions, Chancellor Rishi Sunak has today announced a further package of grants to help retail, hospitality and leisure businesses stay afloat.
The latest package includes a £4,000 grant for businesses with a rateable value of £15,000 or under, £6,000 for businesses with a rateable value of between £15,000 and £51,000, and £9,000 for businesses with a rateable value of more than £51,000.
As well as the £4bn worth of grants, a further £594m will be made available to councils to help businesses impacted by the lockdown but not eligible for the new payments.
These announced grants are in addition to the rates relief, existing discretionary grants, and continuing furlough scheme.
To assist the devolved administrations, the Scottish Government will receive £375 million, the Welsh Government will receive £227 million, and the Northern Ireland Executive will also receive £127 million.
Whilst business groups have generally welcomed the news, there remains concern over other sectors and the self employed.
If you are concerned about the effect of COVID on your business, please get in touch with our business solicitors. With significant experience gained by advising business clients across a range of sectors, our property, commercial, litigation and employment teams are well placed to help.