The Government has announced an additional £4.6 billion for businesses in the retail, hospitality and leisure sectors affect by the new lockdown.
More than 600,000 eligible businesses will benefit from a one-off cash sum worth up to £9,000 per property, depending on the value of their business.
The cash will be provided on a per-property basis and used on the size of each site:
- £4,000 for businesses with a rateable value of £15,000 or below
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value more than £51,00
Chancellor, Rishi Sunak also announced a further £594m for local authorities and devolved administrations to support businesses not eligible for the grants.
The new one-off grants come on top of existing business support, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for affected businesses when they reopen.
The Coronavirus Job Retention Scheme (also known as the furlough scheme) now extended to April and 100% Government- backed loans, extended until March.