New Government support for businesses £4.6bn
The chancellor Rishi Sunak said the Treasury would provide £4bn of one-off “top-up grants” for retail businesses and 0.6bn for other businesses, totalling £4.6bn in support package for UK business. The chancellor also hinted that more help will be available for businesses later in the year.
With the March 2021 budget we can expect to see more support, following the rollout of the COVID 19 vacations throughout the United Kingdom. Businesses should contact their local council via their websites to see what support is available to them under the newly announced grants.
This will be a much needed boost for business and will help support businesses with their cashflow which should in turn help the economy and jobs overall. As cash is king, even companies which are unprofitable will be able to deal with COVID issues and come out stronger at the end this later in the year.
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
If you would like help planning your cashflow or business support, our team are here to help.