Update 1 November
The Chancellor announced that business grants will be expanded to help businesses required to close in England due to local or national restrictions. Businesses will be eligible for the following grants:
- For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
- For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
- For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.
Update 22 October
Prior to the lockdown announcements on 31 October, the Chancellor had introduced the details of grants available to businesses that have been forced to close or have been severely impacted by the new tier system.
The details are:
- The government will provide additional funding to allow Local Authorities to support businesses in high-alert level areas which are not legally closed, but which are severely impacted by the restrictions on socialising. The funding will be based on the number of hospitality, hotel, B&B, and leisure businesses in the area.
- Local Authorities will receive a funding amount that will be the equivalent of the following which is equivalent to 70% of the grant amounts given to legally closed businesses (worth up to £3,000/month).
- For properties with a rateable value of £15,000 or under, grants of £934 per month.
- For properties with a rateable value of between £15,000-£51,000, grants of £1,400 per month.
- For properties with a rateable value of £51,000, grants of £2,100 per month.
- Local Authorities will also receive a 5% top-up amount to grant amounts to cover other businesses that might be affected by the local restrictions, but which do not neatly fit into these categories.
- It will be up to Local Authorities to determine which businesses are eligible for grant funding in their local areas, and what precise funding to allocate to each business – the above levels are an approximate guide.
- Businesses in Very High alert level areas will qualify for greater support whether closed (up to £3,000/month) or open. For businesses that are open, support is being provided through business support packages provided to Local Authorities as they move into the alert level.
For more advice on government support packages available to your business, contact us by email or on 01295 250401.