The UK government has announced top-up grants for various sectors of the economy including retail, hospitality and leisure businesses. These grants come in the light of the country entering a third lockdown due to the coronavirus pandemic. Businesses are being offered grants worth up to £9,000 per property to help them tide through until spring. Discretionary funds amounting to a total of £594 million have been set aside to support a variety of impacted businesses.
The furlough scheme has been extended till April
These funds come in addition to £1.1 billion further discretionary grant funding for local authorities, local restriction support grants worth up to £3,000 a month. There has also been an extension of the furlough scheme until April.
Chancellor, Rishi Sunak, said: “The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further. Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the spring.”
He added: This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
The cash will be provided on a per-property basis to support businesses through the latest restrictions. It is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.