Rishi Sunak announces £4.5 billion in lockdown business support
The UK reentered lockdown yesterday, as the Prime Minister urged people to start following rules designed to curb social contact and avoid overwhelming the NHS. The lockdown – which ministers will draft into law tomorrow – will plunge tens of millions of people back into restrictions not seen since March 2020. The same social measures require a matching economic response from the chancellor, who has announced some new incoming aid.
How to apply for Rishi Sunak’s lockdown grant
The chancellor’s incoming policies will complement the Prime Minister’s latest clampdown.
Although not announced in Mr Johnson’s brief speech yesterday, Mr Sunak will deliver a £4.6 billion package for businesses during the latest lockdown.
The Treasury will supply one-off payments for different business types on top of assistance for local authorities.
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
In a statement, they said the funding would come to each UK nation and benefit “over 600,000 business properties”.
The Treasury said: “Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the chancellor has announced.
“This follows the Prime Minister’s announcement last night that these business will be closed until at least February half-term in order to help control the virus, and, together with the wide range of existing support, provides them with certainty through the spring period.
“The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4bn in total across all nations of the UK.”
Businesses can also take advantage of a £594 million “discretionary fund” and 100 percent business rates relief.
The Treasury states businesses should apply for this assistance through their Local Authority.
Employees won’t be left out in the latest economic aid, as they will also get some assistance.
Furlough is receiving yet another extension, with the programme to continue until mid-2021.
Phillip Schofield blasts Boris in This Morning rant ahead of update – VIDEO
Sainsbury’s app down and Tesco and Ocado hit by online queues – INSIGHT
University lockdown rules: What does lockdown mean for students? – EXPLAINER
Businesses facing layoffs due to the lockdown can continue to receive support for keeping their workers until April 31.
The rules for previous extensions will remain, but while covering more of an employee’s salary.
The Treasury said: “The Coronavirus Job Retention Scheme will stay open until April 30, 2021.
“Your employer can claim 80 percent of your usual salary for hours not worked, up to a maximum of £2,500 per month.”
Anyone with a UK, Isle of Man or Channel Island bank account and a UK PAYE scheme can claim the available grant.
People can also take advantage of the other furlough extensions, one of which expires soon.
Businesses applying furlough to December earnings must do so by January 14 this year.
They cannot submit furlough claims for dates ending on or before October 31 last year.
Source: Read Full Article