The Chancellor has announced a further £4.6 billion in economic support to mitigate the effects of coronavirus, following the introduction of new national restrictions in England. This is in addition to existing support schemes – which include grants for closed businesses worth up to £3,000 per month, and the extension of the Coronavirus Job Retention Scheme and Self-Employed Income Support Scheme until April 2021. New measures are detailed below.
One-off Grants for Businesses
Retail, hospitality and leisure business premises forced to close can claim a one-off grant of up to £9,000. These are per-premises grants, which means businesses may be eligible for multiple grants. The one-off additional grant each business premises will receive depends on their rateable value:
Businesses with a rateable value of £51,000 or above: £9,000
Businesses with a rateable value between £15,000 and £51,000: £6,000
Businesses with a rateable value of £15,000 or below: £4,000
This is in addition to existing monthly grants of up to £3,000, which businesses continue to be eligible for. These grants are worth over £1 billion in total per month.
More details about how to apply for these one-off grants will be published when available.
New Local Authority Funding
Local Authorities in England will be given an additional £500 million of discretionary funding to support their local businesses. This builds on the £1.1 billion discretionary funding (worth £20 per head) which local authorities in England have already received to support their local economies and help businesses.
New Funding for Devolved Administrations
Scotland will receive £375 million, Wales £227 million, and Northern Ireland £127 million to allocate in support for businesses.