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 following the Prime Minister’s announcement last night.
The grants are provided on a per-property basis to support businesses through the latest restrictions. They are expected to benefit over 600,000 business properties and are worth £4 billion in total across all nations of the UK.
The one-off top up grants 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
A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions.
Businesses will be required to apply for these grants through their local authorities, once the applications are opened in the coming weeks.