BUSINESS LOCKDOWN GRANT LATEST
Updated: Oct 16
As many thousands of businesses are now closed by law, swift access to the compensation to help survive an open-ended shutdown ahead is key.
HOW WILL THE SYSTEM WORK :-
Full details are still to be released but here's what we know already.
Local Authorities will be responsible for administering payments of grants to all businesses forced to close by law, as the result of being placed in the highest Covid Alert Tier.
An online application system will allow all eligible businesses to register for the fortnightly payment based upon their rateable value.
This will be available from the website of each relevant Local Authority, as were the earlier Retail, Hospitality and Leisure Grants, Small Business and Discretionary Grants.
Ongoing fortnightly, Local Restriction grant payments to assist with fixed costs will be triggered automatically whilst the business remains closed by law, after the initial payment.
HOW MUCH WILL EACH BUSINESS BE ENTITLED TO :-
Properties with an rateable value of £51,000 or over will receive grants of £1500 per two weeks of closure (£3,000 per month).
Properties with a rateable value between£15,000 and £51,000 will receive grants of £1,000 per two weeks of closure (£2,000 per month).
Properties with a rateable value of £15,000 or under will receive grants of £667 per two weeks of closure (£1,334 per month).
The grants are "per property", this means if you have a business with more than one premises, such as a restaurant with two branches that are both forced to close, you will receive two grants
As with other Covid business grants, local grants to closed businesses will be treated as taxable income
Venues that had already been forced to remain closed like nightclubs will be eligible
Further eligibility criteria may be determined by each Local Authorities including potential, discretionary funds made available to businesses forced to close, that do no have their own rateable value, after funds are allotted by central government.
Further announcements are expected later and of course will update this blog accordingly.
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