Lockdown 3.0: New support offered to businesses in key sectors

Lockdown 3.0: New £4.6 billion package of grants unveiled for businesses in new lockdown

New Year, New Lockdown. The Chancellor Rishi Sunak has confirmed that firms who will suffer during the new lockdown are to receive extra financial support for the period.

Retail, hospitality and leisure sector businesses are being offered one off grants worth up to £9,000 because they will be required to remain closed until the mid-February school half term week.

This is in addition to the other support already available – furlough scheme, previous business rates support, bounce back loans and other financial support, plus more time to pay taxes.

The money offered is being provided on a ‘per property basis’ and expected to benefit over 600,000 business properties, worth £4bn in total across all nations of the UK.

A further £594m will be made available for local authorities to support firms that do not qualify for these grants on a case-by-case basis.

There is currently a spring budget scheduled for 3 March 2021 and today Rishi Sunak suggests this will still go ahead, with more Covid support measures likely to be announced.

There has been criticism that the extra support announced today does not go far enough and that furlough should be extended and statutory sick pay increased.

Sunak has not provided any firm hints as yet, but he did say that “The budget in early March is an excellent opportunity to take stock of the range of support that we’ve put in place, and to set out the next stage, our economic response to coronavirus at that particular time.”

Be prepared for further developments as the lockdown continues and we will keep you updated with news as it becomes available.

If you need our support in the meantime, contact partners@rjp.co.uk

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FAQs

At RJP, we understand that keeping a finger on the pulse of your business's health is crucial. That's why we offer management reporting services—think of them as a regular health check for your company. These insights show you the real-time performance of your business, helping you make informed decisions to nurture and grow your enterprise.

We love seeing your business flourish! Growth and improvement are at the heart of our practical advice. From the ins and outs of everyday operations to big-picture strategic moves, we're here to offer clear, actionable steps that can propel your business forward.

We know dealing with the issue of compliance and auditing can be less than thrilling. That's exactly why we're here—to handle the complex stuff so you don't have to. We offer comprehensive compliance services, ensuring everything is up-to-date without you having to wade through a sea of regulations.

Absolutely! There's a world of opportunity out there to support your business financially, and we're well-equipped to be your guide. We can help you understand and access HMRC’s tax relief schemes that are relevant to you and your business, making sure you're not missing out on any potential benefits.

When you need us, we're just a call or an email away—no question is too small or too large. We're known for our quick responses and our fixed fees mean you can reach out without worrying about unexpected costs. Plus, we always keep things simple and straight to the point. We're not just your accountants; we're part of your team, ready to support both your business and personal needs.

Lockdown 3.0: New £4.6 billion package of grants unveiled for businesses in new lockdown