This is a thought leadership article by PrimeGlobal member firm Thomas Westcott discussing new Covid support grants available in the United Kingdom.

Businesses in the retail, hospitality and leisure sectors will receive a one-off grant worth up to £9,000 following the Prime Minister's announcement of a new national lockdown in England to tackle the growing cases of Covid-19.

There is a one-off top up grant for retail, hospitality and leisure firms worth up to £9,000 per property to help businesses through to the Spring. A £594 million discretionary fund will also be made available to support other impacted businesses. The new grant is provided on a per-property basis, and is expected to help over 600,000 business properties, worth £4 billion in total across the UK.

These new one-off grants come in addition to other business support, including grants worth up to £3,000 per month for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.

This is on top of the £1.1 billion further discretionary grant funding already made available to Local Authorities, Local Restriction Support Grants worth up to £3,000 a month, and the extension of the Coronavirus Job Retention Scheme through to the end of April.

The one-off top-ups will be granted to closed businesses as follows:

  • £4,000 for businesses with a rateable value of £15,000 or under
  • £6,000 for businesses with a rateable value between £15,000 and £51,000
  • £9,000 for businesses with a rateable value of over £51,000

Businesses should apply to their relevant Local Authorities for this grant funding. From previous experience, there is quite a variation in how quickly individual Local Authorities make funding available in their area, so it is important that business owners keep a watchful eye on when their relevant grant funding becomes available.

Content by:

Thomas Westcott

We are one of the largest independent accountancy practices in the South West of England, with 17 offices across Devon and Somerset. We have 28 partners and 270 staff. Some have backgrounds in major international accounting firms, others are drawn from other leading regional firms and, of course, we have our own home grown talent. We act for a wide variety of clients ranging from individual tax return cases to businesses operating in local, national and international markets. We have built teams who hold a wide range of professional qualifications and specialisms in both sectors and services. Vigorous training programmes are maintained to ensure that skills are continuously developed and updated, ensuring that we can provide our clients with the relevant and up to date business advice that they need.

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