Government announces £4.6bn package of grants to help firms through new lockdown

Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the Chancellor Rishi Sunak has announced.

The help is in addition to business rates relief and the furlough scheme which has been extended until the end of April. In total, the package of measures is worth £4.6bn.

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.

People in all of England and most of Scotland must now stay at home except for a handful of permitted reasons, as new lockdowns begin in both nations.

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 £4bn in total across all nations of the UK.

A further £594m will be available for local authorities and the devolved assemblies to support firms that do not qualify for these grants, the Treasury said.

"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," said Mr Sunak.

England's rules are due to be reviewed on 15 February while Scotland's will be reviewed at the end of January.

Posted on Jan 05, 2021.

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