News update: Covid-19 grants for retail, hospitality and leisure businesses
Retail, hospitality and leisure businesses - Following the third UK lockdown which marked the close of retail, hospitality and leisure businesses until at least the 15th February 2021, the Chancellor has announced grants of up to £9,000 for certain sectors to help them through this challenging time. Specifically, £4.6bn has been promised to retail, hospitality and leisure sectors across the UK. The grants will be distributed on a ‘per-property basis’ in addition to the 100% business rates relief for these specific sectors and the furlough scheme which has been extended to April.
Other impacted businesses A further £594 million has been set aside for other impacted businesses via Local Authorities and Devolved Administrations. These other impacted businesses should contact their Local Authority for more information on how to access this grant.
Further grants for closed businesses:
- £4,000 grant for businesses with a rateable value of £15,000;
- £6,000 for businesses with a rateable value of £15,000 to £51,000; and
- £9,000 for businesses with a rateable value over £51,000
NB: Small businesses in the devolved administrations can benefit from UK wide measures including the Self Employment Income Support Scheme
In the latest instalment from our Covid-19 expert Q&A video series, we're joined by Marc Ferster from Alma Consulting to talk about business reliefs, grants and reflections for landlords and tenants in a Covid-19 world.