Following the announcement of a third lockdown by the Prime Minister last night, the Chancellor has confirmed that there will be further funding with a one off grant being made available.
Businesses in hospitality, retail and leisure industries will receive a one off grant up to £9,000 to help them in the current restrictions imposed by the Government.
The £9,000 grants form part of a staggering £4.6bn rescue fund, and is estimated to provide support to 600,000 businesses.
The one-off top-ups will be granted to closed businesses 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
Check your rateable value here
In addition to the top up grants, there will also be a new £594m discretionary available for councils to support those businesses which are not eligible for the grants but are affected by the latest restrictions.
MJB Avanti will bring you the latest Coronavirus business support news and any updates when further information is available.