The Chancellor of the Exchequer has announced further business support for those in the retail, hospitality and leisure sectors as the country enters another lockdown until at least the February half-term, in addition to the grants given during the previous Tier 2 and Tier 3 restrictions.
Eligible businesses will receive a grants of £4,000-£9,000 depending on the rateable value of their premises, as detailed below. As the government has only very recently announced this, details of when this funding will be available to pay to local businesses have not yet been released.
In addition, £594 million of discretionary grant funding will be available nationwide for local authorities to pay to businesses in need of support but who fall outside of this scheme. Nottingham City Council is awaiting news of what its allocation will be and conditions for allocation.
These measures to support local businesses are supported by the extension of the furlough scheme, which will now run until the end of April, and the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme, which have been extended to the end of March. These measures were announced in late 2020.
The one-off grants to closed businesses will be allocated 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.
More details can be found on the Gov.UK website, and an announcement regarding allocation to businesses in Nottingham will be made shortly.