COVID-19Small to Medium Businesses

Lockdown #3 Business Financial Support

By January 6, 2021 No Comments

On the 4th Jan 2021, Prime Minister Boris Johnson announced that England would be going into it’s third lockdown of the coronavirus pandemic. These measures include the forced closure of many businesses and business support measures have now been announced for 2021.

closed sign on a shop door

This lockdown is currently to be in-place for 6 weeks until mid February, however there are those who are suggesting that these measures will likely be in-place until the end of March in one way or another.

As such, additional support is needed to keep businesses afloat and staff supported while the vaccines are rolled out.

 

Lockdown Grants Worth Up To £9000

Retail, hospitality and leisure businesses who have been forced to close may be eligible for a new Lockdown Grant worth up to £9,000 per property.

  • £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

All retail, hospitality and leisure businesses may also still benefit from 100% business rates relief.

 

Local Restriction Support Grants

Local authorities will also receive a boost to their discretionary grant pot for other business types affected by the pandemic. Please consult your local authority’s website for more information and how to apply.

 

Extended Furlough Scheme

The furlough scheme has been extended until April with the government putting forward 80% of an employee’s salary. It is also possible to have staff on part-furlough and have the government make up 80% of the unearned salary.

Full details of the latest support can be found here.

 

Government Backed Loans

The 100% government backed loans have been extended until March – your business will still be eligible for these whether you have or have not received a grant(s).

 

We are expecting to hear about updates to these measures in the Spring Budget on the 3rd March.

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