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Lockdown 3.0 – Further Business Support

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Lockdown 3.0 – Further Business Support

Lockdown 3.0 kick started the year in a style we’re becoming used to and we can only hope that it won’t set the tone for 2021 as a whole.  It was a fairly inevitable sequel in many ways but if we get up to Fast & Furious numbers then we know we’re in trouble!

Off the back of the Lockdown announcement, further support has been offered to those businesses forced to close until w/c 15th February at the earliest.

Details of new support measures

A new £4.6bn package of support for the retail, hospitality and leisure sectors has been announced by the Chancellor.

Businesses forced to close due the latest Coronavirus lockdown will be able to access grants of up to £9,000 per property.

  • A new lockdown was announced on 4 January 2021. Hospitality, leisure and non-essential retail businesses will have to remain shut until February half-term (w/c 15 February) at the earliest.
  • In order to support these businesses, a new package of grants has been made available based on the rateable value of the business property.

The grants will be available depending on the rateable value of the property (RVP) as follows:

  • RVP up to £15,000 – grant of £4k
  • RVP between £15,001-£51,000 – grant of £6k
  • RVP over £51,000 – grant of £9k

Any business legally required to close and unable to operate remotely will be eligible for the new grants.

There will be a further £594 million discretionary fund also available from Local Authorities and the Devolved Administrations, where businesses are not eligible for the rates-based grants. These should be applied for locally.

These new measures are on top of existing financial support packages already announced.

Help is at hand

Entering lockdown for a third time will evoke a range of different emotions and everyone will react differently to the news.

For some it’ll be met with resignation but we can totally understand if it brings to the surface feelings of fear and despair again.

If you are feeling out of control with your business, have worries that need addressing or just want a sounding (or ranting) board, then early action is once again key.

We’re here to support you however we can to get you feeling back in control and you can book a call in with us using this link.