Jack Lopresti MP has welcomed the Government’s response to the new national lockdown announced by the Prime Minister last week, with additional support worth £4.6 billion being made available across the United Kingdom.
The support includes:
- a one-off grant for closed businesses in England of up to £9,000;
- £500 million discretionary funding provided to English local authorities to support local businesses;
- and Barnett funding of £729 million.
This support will help businesses get through this difficult period through to the Spring. The Government will take further decisions about the economic response to coronavirus and how best to support the economy, businesses and jobs at the Budget on the 3rd March.
There will also be a new, one-off grant to support retail, hospitality and leisure business premises forced to close, worth up to £9,000. 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 one-off grant is in addition to the existing monthly closed grants of up to £3,000 per month that businesses continue to be eligible for. These grants are worth over £1 billion in total per month. The Government expects that over 600,000 Retail, Hospitality and Leisure business premises in England to benefit from these grants.
Businesses can receive multiple grants, as they are eligible on a per premises basis. Local authorities will receive the funding for these one-off grants next week, and the Government encourages them to make payments to businesses as soon as possible. Jack has asked South Gloucestershire Council for more information on how these will be delivered in our area and the most up to date information will be made available on the Council’s website at https://beta.southglos.gov.uk/information-for-businesses-and-employers/.
Commenting on the announcement, Jack Lopresti MP said:
With vaccines and better treatments available, there is real cause for hope that we’re getting closer to the end of this pandemic. That’s why its vital businesses are supported through the tough periods, and that’s what the Government is doing with this additional funding.
More than £39 million has already been made available to businesses in South Gloucestershire during the coronavirus pandemic. This additional funding will help maintain our local economy as we look to the future when we can get it moving again.