Businesses in the retail, hospitality and leisure sectors will be entitled to a further one-off grant of up to £9,000, depending on the rateable value of their business premises.
This new grant follows the announcement that businesses within these industries will be required to remain closed until at least February half-term.
The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
£594 million is to be made available to Local Authorities in a Discretionary Fund to support businesses in sectors that are not eligible for the new retail, hospitality and leisure grants, but that are still affected by the restrictions. Businesses should apply to their Local Authorities to access the new funding.
The new one-off grants come in addition to the existing business support already announced, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.
How much are the top-up grants for retail, hospitality and leisure?
The newly announced one-off grants for these sectors, that will be available to closed businesses, are 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; and
- £9,000 for businesses with a rateable value of over £51,000.