Following the Prime Minister’s announcement that businesses will be closed until at least mid February to help control the virus, the Chancellor announces new grants to support businesses and protect jobs.
The Chancellor has announced one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property.
£594 million discretionary fund will also be available to support other impacted businesses. As well as £1.1 billion discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3000 a month and an extension to the furlough scheme.
The funding is expected to benefit over 600,000 business properties, worth £4 billion across all nations of the UK.
Chancellor Rishi Sunak said:
“The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.
“Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring.
“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
The government has also provided a 100% business rates relief for retail, hospitality and leisure businesses.