On January 5th Chancellor Rishi Sunak has again announced further business support grants for businesses that had to close because of new Covid lockdown restrictions. To simplify things please find our breakdown of the key information below.

What business support grants were announced?

£9,000 grant for Hospitality and Leisure businesses that have been forced to close because of covid restrictions. The measures will apply to 600,000 business properties and are expected to cost the Treasury around £4 billion.

A further £594 million will also be made available to councils across the UK to support businesses not covered by the new grants.

Devolved Nations Support – In addition to the support outlined above the Scottish Government will receive an additional £375 million, the Welsh Government £227 million and the Northern Ireland Assembly £127 million. These funds are to be used by the devolved nations government to tackle national issues specific to their key industries.

How much can I claim

The grant allocation will be based on the size of your business as determined by the amount you would usually pay in business rates.

For example, the smallest businesses, with a rateable value of £15,000 or under, will be offered a £4,000 payment. There will be £6,000 on offer for businesses valued between £15,000 and £51,000 and £9,000 for those valued over £51,000.

Will the business rates holiday be extended?

At this moment there has been no extension to the business rates holiday which is due to end in April. However, the furlough scheme has been extended until April and the government backed business loans scheme until March.

How do I claim?

You can make a claim for support through the UK Government Gateway here.

Can I have a bit more information?

More information is available for you on the UK Government Gateway here.

At Modus we understand that understanding and getting support for your business during this difficult time is of paramount importance. To help Modus Accountants are currently providing free 1hr support sessions to help you plan for 2021 and get your business moving in the right direction. Interested? Book your session here.

Accredited Source: By Chloe Chaplain iNews 5th January 2021