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£4.6 Billion to support businesses and jobs!

By January 6, 2021 News

The latest news of stricter lockdown measures across the UK is not what any one wanted to start the New Year. Thankfully support for jobs and businesses is once again on its way with the UK Chancellor announcing renewed packages to help at this uncertain time.

Detail on eligibility and how to claim is still to be published however below are some of the key messages delivered by the UK government.  As more details are released we shall update this blog.

  • The Chancellor has announced one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring.
  • £594 million discretionary fund also made available to support other impacted businesses
  • This comes in addition to the £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month and extension of furlough scheme

Further Points to Note:

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
  • Any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.
  • Business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding as a result of these announcements in the usual manner:
  • The Scottish Government will receive £375 million
  • The Welsh Government will receive £227 million
  • The Northern Ireland Executive will receive £127 million
  • This will contribute to the funding which has already been guaranteed by the UK Government, to continue to provide the devolved administrations the certainty they need to plan for their COVID-19 response in the months ahead
  • Small businesses in the devolved administrations should also be able to benefit from other UK-wide measures in the government’s unprecedented package of support for business. Including the various business lending schemes (where the repayment terms were made easier as part of the Winter Economy Plan), and the extension of the Self Employment Income Support Scheme

As always we will endeavour to gather all the relevant information for your in one place to make it simple for you to access the key details on what is available who is eligible and how to apply.

If you have any questions please do not hesitate to contact our team on info@exchangeaccountants.com.