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January 2021 Lockdown Business Support

January 2021 Lockdown Business Support

PM Boris Johnson has announced a full lockdown restriction similar to March 2020 after a sharp increase in coronavirus daily cases. 

Rishi Sunak unveiled fresh support for struggling UK sectors hit hardest by the “COVID” restrictions that will have to close due to the new national lockdown.  

Businesses in retail, hospitality and leisure will have access to one-off cash grant up to £9,000 per business premises.

The one-off grant will be open to businesses in hospitality, retail and leisure forced to close their doors and the amount will be judged on the rateable value of the premises.

  • £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

In addition, Sunak also announced a further £594m for local authorities and devolved administrations. These funds will support businesses not eligible for the one-off grant and those interested are encouraged to apply to their local authorities.

Existing Support

Today’s £4.6bn cash injection comes in addition to the already existing grants worth up to £3,000, the extension to the furlough scheme until April and the business lending schemes.

The last line of the government press release also highlighted an extension of the Self Employment Income Support Scheme, but no further details were given on that nor any support for those that don’t qualify for SEISS.

Devolved administrations will have their own pot to deliver grants and support, with Scotland receiving £275m and the Welsh government getting £227m.

This package of support will tide businesses over until the Chancellor of the Exchequer, Rishi Sunak, will announce the government Budget on Wednesday 3 March 2021.