With Covid-19 restrictions tightening, due to a spike in coronavirus cases, many businesses have once again been required to close due to local lockdowns or targeted restrictions.
The government has now announced that businesses that have been affected by this will be eligible to receive grants of up to £1,500 per property, every three weeks, alongside any other government support they may be receiving.
Who is eligible?
To be eligible for the grant, a business must have been required to close due to local Covid-19 restrictions. The largest businesses will receive £1,500 every three weeks they are required to close. Smaller businesses will receive £1,000. Each payment will be made for a 3-week lockdown period. Each new 3-week lockdown period will trigger an additional payment.
It is worth noting that this grant is only available due to local restrictions, so if your business is closed at a national level, you will not be eligible for the grant.
If your business occupies a premises with a rateable value of £51,000 or above, or you occupy a property or part of a property that is subject to an annual rent or mortgage of £51,000 or above, you will receive £1,500. If you occupy a premises with a rateable value less than £51,000, or you occupy a property or part of a property subject to an annual rent or mortgage of less than £51,000, you will receive £1,000.
Business Secretary Alok Sharma said “No business should be punished for doing the right thing, which is why today’s package will offer additional breathing space for businesses that have had to temporarily close to control the virus.”
For more information on the grant and eligibility rules, please click here.
Your accountant should be able to provide you with the support and guidance you need throughout this uncertain period. Please book a Covid-19 consultation call with a member of the team if you need further assistance.