TTR Barnes

In light of the new lockdown measures, the Chancellor has announced £4.6 billion in new COVID support grants for retail, leisure and hospitality businesses which will remain closed until at least mid-February. Read on to find out about the grants, including eligibility criteria and how to apply.

Top-up COVID support grants

Retail, leisure and hospitality businesses will be provided with a one-off grant of up to £9,000 per property. The grant level is based on the rateable value of the business and will be granted as follows:

• £4,000 for businesses with a rateable value of £15,000 or under
• £6,000 for businesses with a rateable value between £15,000 and £51,000
• £9,000 for businesses with a rateable value of over £51,000

Any business with a physical property which is legally required to close as a result of lockdown restrictions and cannot operate effectively remotely is eligible.

As with the previous business grants, the top-up grant will be provided via local authorities. You can check your eligibility and find out where to apply here.

Discretionary Grant Fund

Businesses which are not eligible for a COVID support grant may be able to access an additional £594 million discretionary fund. This is likely to benefit market traders and businesses which trade from home and do not have a rateable property.

Discretionary grant funding will be provided to local authorities who will distribute the grants based on economic need. Information about the discretionary grants is available on North East council areas individual websites. Keep an eye on your local council website for further information on how to apply:

• Sunderland City Council
• Durham County Council
• South Tyneside Council
• Gateshead Council
• Newcastle City Council
• North Tyneside Council

Get further support

We know this is a worrying time for many of our customers. Please have a look at our other guides to support available and as always, you can contact our friendly North East based team for additional advice.

• Current support available
• Guide to the Coronavirus Job Retention Scheme (furlough)
• What tax relief can I claim for working from home?
• How are Coronavirus support payments taxed?
• Information about the Self Employed Income Support Scheme (SEISS)

All information correct at time of going to print/live and on the best knowledge and understanding of the author at the time. This article is for general information only and does not constitute financial advice or recommendations for individual circumstances. No responsibility is taken for any actions taken on the base of the information within this article.