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South Holland businesses could benefit from support package

A new £4.6 billion government support package for struggling companies has been announced by the chancellor.

Rishi Sunak gave the news on Tuesday morning following the Prime Minister’s announcement of a third national lockdown on Monday night.

Mr Sunak said the Treasury would provide £4bn of one-off top-up grants for an estimated 600,000 retail, hospitality and leisure companies. These can each claim up to £9,000.

Chancellor Rishi Sunak today announced plans to support self-employed workers (38367793)
Chancellor Rishi Sunak today announced plans to support self-employed workers (38367793)

Further there will be a £594million discretionary fund made available for councils to support other businesses not eligible for those grants, but are affected by the restrictions.

Mr 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.”

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.

The Government has also provided 100 per cent business rates relief for retail, hospitality and leisure businesses, £1.1billion existing discretionary funding for local authorities, the furlough scheme now extended to April and 100 per cent government backed loans, extended until March.

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