Retail, hospitality and leisure businesses will get a one off payment of up to £9,000 per property to help them through the spring, the treasury has announced.
Another £594 million will be available to local authorities and devolved governments to support those not eligible for grants.
The one-off top-ups will be granted to closed businesses as follows:
- £4k for businesses with a rateable value of £15k or under
- £6k for businesses with a rateable value between £15k and £51k
- £9k for businesses with a rateable value of over £51k
This follows the Prime Minister’s announcement last night that these business will be closed until at least February half-term in order to help control the virus, and, together with the wide range of existing support, provides them with certainty through the Spring period.
The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
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.
“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.”
You can view the full information of the new support here.
If you are running a pub or restaurant or any other form of hospitality business whether new or old then it is important to review your insurance cover to make sure you are paying for what you need.
Aldium Insurance has been protecting the hospitality sector for over 20 years As each business is different we believe each needs bespoke advice tailored to their particular needs.
Call 0151 336 5881 or visit Hospitality Insurance | ALDIUM Insurance for more information