Business grants have been expanded to cover businesses in particularly affected sectors in coronavirus high-alert level areas. These grants will help them to stay in business and protect jobs. The Chancellor of the Exchequer Rishi Sunak also revealed self-employed grants will double to 40 percent of previous earnings. But what Business Grants are available for small businesses and how do they work?
What Business Grants are on offer to help businesses?
The Chancellor Mr Sunak today announced additional funding to support cash grants for businesses.
These grants are worth up to £2,100 a month and are predominantly designed to help businesses in the hospitality, accommodation and leisure sectors who have been adversely affected by the restrictions in high-alert level areas.
These grants will also be available retrospectively to those who have been subjected to restrictions.
These grants are available in addition to support already on offer to business support aimed at helping businesses in Tier 3 areas.
These Business Grants could hello up to 150,000 businesses in England according to the Government.
This would be equivalent to:
- For properties with a rateable value of £15,000 or less – grants of £934 per month
- For properties with a rateable value of between £15,000 and £51,000 – grants of £1,400 per month
- For properties with a rateable value of £51,000 – grants of £2,100 per month.
READ MORE: Tier 2 grants: Who is eligible? How do I apply?
The following areas entered into Tier Two lockdown on October 17:
- Elmbridge in Surrey
- Barrow in Furness, Cumbria
- North East Derbyshire
- Erewash, Derbyshire.
Mr Sunak also today announced an increase in profits covered by the two forthcoming self-employed grants.
These grants will rise from 20 percent to 40 percent, meaning the maximum grant amount will rise from £1,875 to £3,750.
This represents a potential £3.1 billion additional funding to support the self-employed from November to January alone.
A further grant will be introduced to cover from February to April.