Grants

Grants Available During Lockdown #3

In the summer of 2020, as the lockdown was easing, a lot of businesses across the UK and indeed worldwide thought they were over the worst, and were hoping to return to some normality. Having been able to sustain their businesses thanks to grants such as furlough provided by the government. Unfortunately, however this wasn’t to be the case as the UK started to see a second lockdown imposed in the Autumn to combat a subsequent second wave along with more grants and benefits to further sustain businesses.

 

With the deterioration of the situation in the UK, there was no doubt that a third lockdown was going to happen and that’s where we find ourselves now. Potentially until Easter which has worried a lot of businesses as to how they are going to be able to further survive over the next few months. However, there are still grants out there to support your business with the government continuing support as they see a promising light at the end of the tunnel with the vaccine rollout.

 

New grants introduced

 

The Chancellor Rishi Sunak on January 5th this year announced that there would be the introduction of the below grants to businesses that had been forced to close due to the latest lockdown:-

 

  • £4,000 for businesses that have a rateable value of under £15,000.
  • £6,000 for businesses that have a rateable value of between £15,000 and £51,000.
  • £9,000 for businesses that have a rateable value that exceeds £51,000.

 

Businesses that are claiming the above grants are also entitled to money that is available to them through both local restriction support grants.

 

Furlough

 

Furlough is also a scheme that has now seen two extensions, with the latest extension seeing it through until April and so it’s there for businesses across the UK to support them during this lockdown. The current conditions of the furlough are that as an employer you only need to cover both national insurance and any pension contributions, reverting to similar conditions to when it was first introduced last year.

 

Help for the self-employed

 

The SEISS (Self-employed income support scheme) was introduced from November to January to support those who are self-employed with the government covering up to 80% of trading profits. In line with the furlough scheme due to this third lockdown, we are expecting an extension to run up until April. The scheme works in providing a single grant paid that is equivalent of three months average trading profits capped at £7,500.

 

For businesses that have closed

 

With the latest lockdown being as strict as the first more businesses have had to close altogether until the conclusion of the lockdown. If your business finds itself in this category you’ll be covered under the Local Restrictions Support Grand Closed (LRSG Closed) that means you can claim up to £3,000 for every 28 days that your business is forced to close.

 

For businesses that are still operating

 

Similar to the LRSG Closed grant there is also support for those businesses that have managed to stay open during the latest lockdown but as a result of restrictions have seen their trading severely impacted. If your business falls into this category you could be eligible for a cash grant of up to £2,100 for every 28 day period that your trading is being severely impacted.

 

Not covered in the above?

 

If you’ve read this far and started to get worried that you don’t fall into the eligibility criteria for either the LRSG open or closed grants, don’t worry. There is also the Additional Restrictions Grant (ARG) that will cover you if you don’t meet the criteria for any of the other schemes. Typically this scheme is designed to support businesses that fall into sectors such as events or hospitality. However, the amount you could be eligible for all depends on your local authority.

 

Want to know more?

 

If you want a bit more clarification on the above schemes or want to know more about the support that is available to your business during these unprecedented times why not get in touch and we can look at what resources are there to help you.

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