Chancellor unveils £4.6 billion lockdown grant package

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

£15,000-£51,000                     £6,000

>£51,000                                £9,000

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.’

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Chancellor unveils £4.6 billion lockdown grant package
Chancellor unveils £4.6 billion lockdown grant package