Latest update on grants and business support

Top up grants for retail, hospitality and leisure businesses

The Chancellor has announced further one-off “top up” cash grants for retail, hospitality and leisure businesses of up to £9,000.

Businesses which have a physical property and are legally required to close are eligible.
The amount granted will be based on the rateable value of the business, and will be £4,000 for businesses with a rateable value of £15,000 or less, £6,000 for businesses with a rateable value between £15,000 and £51,000 and £9,000 for businesses with a rateable value over £51,000.
Grant applications should be made to your local District Council.
Discretionary support fund
A £594million discretionary fund will also be made available to Local Authorities. This is designed to support businesses not eligible for grants which might be affected by the restrictions, such as those who do not operate from physical premises, and are therefore not eligible for the top-up grants.
Businesses should apply to their Local Authorities for support.
Grants will be awarded at the discretion of the relevant Local Authority.
Existing Lockdown Support grant schemes
The National Lockdown Support Grant and Local Restriction Support Grant Schemes, provide grants worth up to £3,000 per month for businesses required to close due to restrictions imposed by the Government.
Eligible businesses may be entitled for a cash grant from their local council for each month under the restrictions.  To be eligible businesses must be based in England, occupy a property on which business rates are paid, and have been required to close because of restrictions.
The exact amount granted will be based on the rateable value of the business.
Grant applications should be made to your local District Council. For Somerset West & Taunton, further details can be found here: https://www.somersetwestandtaunton.gov.uk/business-rates/national-lockdown-support-grant/
Other measures
As previously announced the Coronavirus Job Retention (furlough) scheme will now extend until April 2021 and the 100% business rate relief measure is in place until 31 March 2021 for retail, hospitality and leisure businesses.

Hospitality businesses will continue to benefit from VAT relief measures until the end of March 2021.

For more information please contact your usual A C Mole contact or speak to Lexi Shore based in our Taunton office.

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