COVID-19: Fresh Financial Support Packages

Following the news of a third lockdown, Rishi Sunak has announced a fresh £4.6 billion support package for UK businesses. Throughout the pandemic one of the main focuses has been to support businesses and protect jobs and this remains a priority.

 

The new financial support package includes:

  • £4 billion for a one-off ‘top-up grant’ for retail, hospitality, and leisure businesses worth up to £9,000 per property
  • A further £594 million discretionary fund available to councils to support other businesses that fall outside the scope of the top-up grant but are affected by the restrictions.

 

The one-off top-up grants will support an estimated 600,000 retail, hospitality, and leisure companies will be granted as follows:

Grant Amount Eligibility
£4,000 businesses with a rateable value of £15,000 or less
£6,000 businesses with a rateable value between £15,000 and £51,000
£9,000 businesses with a rateable value of £51,000 or more

 

So far, the UK government has committed £280bn towards support measures during the pandemic, ranging from business support schemes to extra funding for the NHS and for personal protective equipment.  Additional measures are expected to be announced in the Budget Announcement on 3rd March, if not before.

The Fabulous Group remains open and ready to help. If have any questions relating to the various support packages on offer email hello@focalbusiness.co.uk or call 0800 112 0880.


Download our summary here.