£ 9000 Lockdown Grant for retail, hospitality and leisure companies
Rishi Sunak has announced a one-time blocking grant of £ 9,000 per property for retail, hospitality and leisure businesses.
This is supposed to help businesses and protect jobs after the prime minister announced a third national lockdown last night. This third national lockdown is expected to last through March.
This is how the £ 9000 Lockdown Grant works
- £ 4,000 for businesses with a fractional value of £ 15,000 or less
- £ 6,000 for businesses with a pro rata value between £ 15,000 and £ 51,000
- £ 9,000 for companies with a pro rata value over £ 51,000
The Treasury Department has also announced another £ 594 million discretionary fund to help other businesses that are not eligible for the grants that may be affected by the national lockdown.
A total of £ 4.6 billion in new lockdown grants were made available.
Add to this an additional £ 1.1bn in additional discretionary resources for local authorities, grants to close down local businesses worth up to £ 3,000 per month and the extension of the holiday program until the end of April.
The money will be spent on a property basis to help businesses through the national lockdown. It is expected to benefit more than 600,000 commercial properties for a total of £ 4 billion grant across the UK.
Chancellor Rishi Sunak said: “The new virus strain poses a major challenge for all of us – and during the introduction of the vaccine we had to tighten the restrictions further.
“During the pandemic, we took swift action to protect lives and livelihoods, and today we are announcing another cash injection to support businesses and jobs until spring.”
Roger Barker, Director of Policy for the Institute of Directors, responded to the announcement of the £ 9,000 Lockdown grant: “This new grant package is welcome and will help calm the worst-hit companies.”
However, the IoD warned the Chancellor not to be cautious about assisting businesses as the vacation program and other support measures unfold.
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