Chancellor unveils £4.6 billion lockdown grant package
Following yesterday’s announcement by the Prime Minister regarding the national lockdown, Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown in the retail, hospitality and leisure sector.
A one-off grant worth up to £9,000 will be available to businesses in these sectors on a per property basis. The amounts available will depend on the rateable value of the property:
Rateable Value Grant
< £15,000 £4,000
The payments are expected to support 600,000 business properties across the UK. The Chancellor also announced a further £594m fund for local authorities to support businesses not eligible for these grants. Businesses will need to apply to their local authorities for access to these funds.
The Chancellor 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 . . . 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.’