The Chancellor has announced that businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000.
A £594 million discretionary fund will also be made available to support other impacted businesses.
This follows the Prime Minister’s announcement last night that these businesses 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.
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 £4 billion in total across all nations of the UK.
Welcoming the news was St Austell and Newquay MP Steve Double, who said:
“Following the Prime Minister’s confirmation of the new National Lockdown last night, I am pleased that our Chancellor has again taken swift action in providing more support for businesses across the country who continue to be impacted by the COVID-19 pandemic.”
“As with previous business support and discretionary funding made available, I will be working with local businesses and Cornwall Council to ensure this funding is correctly allocated, and will continue to do all I can to ensure Cornwall gets its fair share of further support issued.”
Commenting, Chancellor Rishi Sunak said:
“The new strain of the virus presents us all with a huge challenge - and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.”
“Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring.”
“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.”
A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities.
The new one-off grants come in addition to billions of existing business support, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.