TO RECEIVE THIS (AND MORE NEWS ARTICLES TO HELP YOU AND YOUR BUSINESS) DIRECTLY TO YOUR INBOX, PLEASE SIGN UP TO OUR REGULAR NEWSLETTER.
Ministers announced recently that businesses required to shut because of local lockdowns or targeted restrictions will now be able to claim up to £1,500 per property every three weeks.
To be eligible for the grant, a business must have been required to close due to local Covid 19 restrictions. Businesses that are still closed at a national level (e.g. nightclubs), will not be eligible.
The largest businesses (those occupying premises with a rateable value/rent/mortgage payment of £51k or above) will receive £1,500 every three weeks they are required to close. Smaller businesses will receive £1,000.
Local authorities – who will be responsible for distributing the grants - will also receive an additional 5% pot to help businesses affected by closures who may not be on the business rates list. Payments made to businesses from this discretionary fund can be up to £1500 - and may be less than £1000 in some cases.
Response from business groups…
Although these grants have been welcomed by business groups, the general opinion is that more support is needed. Annie Gascoyne, Director of Economic Policy at the Confederation of British Industry, said: 'New direct cash grants will certainly help small businesses if their area falls under new restrictions to protect public health. But the impact of COVID-19 is still hurting businesses, so the government will need to look at more targeted support in the autumn. That needs to include a successor to the furlough scheme and allowing businesses to defer VAT payments from July to September.'
We will keep you updated…