Torbay’s MP, Kevin Foster, has today (Tuesday 5th January 2021) welcomed news of a £4.6bn package of additional financial support from the Government for businesses required to close under the new national lockdown.
The Government had already set out an economic package of support for businesses over the Winter, including monthly grants for closed businesses worth up to £3,000 per month, extending the furlough scheme to April and providing further SEISS grants to support the self-employed to April.
Today’s package goes further and a sees a one-off grant for closed businesses in England of up to £9,000.
An extra £500 million of discretionary funding will also be provided to English Councils to support local businesses and Barnett funding of £729 million to the Devolved Administrations.
This support will help businesses get through this difficult period through to the Spring. The Government will take further decisions about its economic response to coronavirus and how best to support the economy, businesses and jobs at the Budget on the 3rd March.
Retail, hospitality and leisure business premises required to close can claim a one-off grant of up to £9,000. The one-off additional grant each business premises will receive depends on their rateable value:
Businesses with a rateable value of £51,000 or above: £9,000
Businesses with a rateable value between £15,000 and £51,000: £6,000
Businesses with a rateable value of £15,000 or below: £4,000
This one-off grant is in addition to the existing monthly grants of up to £3,000 per month that closed businesses continue to be eligible for. These grants are worth over £1 billion in total per month.
It is expected over 600,000 Retail, Hospitality and Leisure business premises in England will benefit from these grants, including many across our bay. Businesses can receive multiple grants, as they are eligible on a per premises basis. Torbay Council will receive the funding it needs to pay these one-off grants next week.
Local Councils (in England) will also be given an additional £500 million of discretionary funding to support their local businesses. This builds on (and will be allocated in the same way as) the £1.1 billion discretionary funding (worth £20 per head of population) which local authorities in England have already received to support their local economies and help businesses impacted.
Commenting Kevin Foster MP said: This latest support is very welcome and will help support businesses across our bay who are required to be closed as part of our fight against Covid-19. Whilst the vaccination programme offers great hope of a return to what we all love about living in our bay, it is vital additional support is offered to businesses to ensure they can be ready to re-open when the dark clouds of the pandemic are replaced by the blue skies of summer.”