Chancellor Rishi Sunak has recently announced a one-off grant worth up to £9,000 to help businesses survive the latest coronavirus lockdown, which was implemented on 6th January 2021, and is expected to last until at least mid-February.
The total package is expected to cost £4.6 billion and is being made available to businesses across the retail, leisure and hospitality sectors in an effort to keep some of the hardest-hit industries afloat until the Spring. These one-off top-up payments are expected to assist more than 600,000 businesses who are currently unable to operate due to the latest lockdown restrictions.
How Much Is My Business Entitled To?
If your business is in the retail, leisure or hospitality sector which has been legally required to close in the latest lockdown, and cannot operate effectively remotely, then you are eligible for a grant.
The amount of the grant to be offered will be based on the level of business rates typically paid by each business as outlined in the table below.
|Rateable Business Value||Claim|
|£15,000 or less||Up to £4,000|
|Between £15,000 and £51,000||Up to £6,000|
|More than £51,000||Up to £9,000|
How Do I Apply for a Grant?
All businesses need to apply through their local authorities. Click here to be taken to the government website to find the right local authority to contact to submit your application.
What If My Business Is Not Eligible But I Still Need Financial Support?
An additional £594 million is also being made available for local authorities and the devolved administrations to support businesses who may not be eligible for the grants.
From this discretionary fund, the Scottish government will receive £375 million, the Welsh government £227 million and Northern Ireland £127 million.
As with the one-off top-up grant, you should contact your local authority to ask for support and see how much you might be eligible for.
Are There Any Other Options Available To Support My Business Through Lockdown?
Yes, the Coronavirus Job Retention scheme, otherwise known as the furlough scheme, has been extended until April and the 100% business rates relief measure is in place until the end of March.
Additionally, if you claim one of the one-off top-up grants, you will still be eligible for other business support measures in place such as grants worth up to £3,000 for closed businesses and grants up to £2,100 each month for businesses who have been impacted, once they reopen.
How Can We Help?
We understand it must be a very uncertain and worrying time to be a business owner. As the government announce their new financial support packages, we want to take this opportunity to remind you, that we are also here to help.
Need more information? The Azure team are here and happy to help you in thinking through the ideal options for your business and putting a plan in place for your business payroll needs.
Contact our friendly, knowledgeable staff today to discuss what we can do for you.