After the Prime Minister’s announcement this week that we are entering a third national lockdown, the Chancellor has announced fresh and generous support for businesses in the form of one-off sector-specific grants and discretionary grants administered by West Berkshire Council:
Retail, hospitality and leisure grants:
Depending on their rateable value, businesses in the retail, hospitality and leisure sectors will be eligible for a one-off grant, the value of which will depend on your rateable value:
- Businesses with a rateable value of £51,000 or above: £9,000
- Businesses with a rateable value between £15,000 and £51,000: £6,000
- Businesses with a rateable value of £15,000 or below: £4,000
These payments will be made to businesses in addition to the monthly grants made to businesses under the Local Restrictions Grant, so businesses can have multiple grants per premises. For example, a pub with a rateable value over £51,000 per year which must close will be eligible for monthly grants of £3,000 until restrictions allow them to reopen and a one-off grant of £9,000. A small shop on the high street with a rateable value of under £15,000 per year will receive a monthly grant of £1,334 per month and a one-off grant worth £4,000.
Grants will be dispersed through West Berkshire Council and funds will be given next week so eligible businesses should hear shortly. For information on applying for the Local Restrictions Grant, visit West Berkshire Council’s website via this link (insert bitly link).
Additional Restrictions Grants:
These grants are made by West Berkshire Council on a discretionary basis to businesses affected by Covid. The Chancellor announced this morning that West Berkshire Council will receive a further £3 million in addition to the funds provided in November 2020.
Applications to the Additional Restrictions Grants should be made to West Berkshire Council. The criteria for the grants remain unchanged and open to those who do not pay business rates and have experienced financial vulnerability. This will continue to include, for example, those self-employed and business directors who operate from their homes. You can find more out about the criteria and how to apply by following this link: https://bit.ly/3bhXBwL
Existing support for businesses:
The new funds announced this morning is on top of already existing support for businesses, including:
- Business rates relief for businesses and properties in retail, hospitality or leisure sector. This relief ends on the 5th April and should be applied to eligible businesses automatically by West Berkshire Council;
- The Coronavirus Job Retention Scheme (CJRS – or furlough scheme) which has recently been extended until the 30th April 2021. Employers can claim 80% of an eligible employee’s usual salary for hours not worked to a maximum of £2,500 per month;
- In-line with the extension of the CJRS, the Self-Employed Income Support Scheme has been extended for eligible self-employed individuals or members of partnerships whose businesses have been significantly impacted.
- For a full list of support, including tax deferments and low-interest loans and details on schemes mentioned above, please follow this link https://bit.ly/35ix4vy