The Government has released initial information on a new £1billion Business Grants scheme. This scheme is to support businesses that have been impacted by the Omicron variant. The ongoing impact of staff absences due to Covid, and lower consumer demand. Here’s the new business grants this December 2021.
The Chancellor, Rishi Sunak, said today that more assistance will be provided to firms affected by the Omicron variation (21 December).
According to the scheme’s current guidance, the hospitality industry businesses will benefit from targeted grant support. This includes hospitality (defined as lodging, food and beverage services) and leisure locations. Businesses with a rateable value of less than £15,000 will be eligible for £2,700; those with a rateable value of between £15,000 and £51,000 will be eligible for £4,000; and those with a rateable value of more than £51,000 will be eligible for £6,000.
Here’s what I gathered for recent grants:
- Enterprises in the hospitality and leisure industries in England would be eligible for one-off payments of up to £6,000 per location. The local authorities will have access to more than £100 million in discretionary funding to help other businesses.
- For small and medium-sized enterprises across the UK, the government will reimburse the cost of Statutory Sick Pay for Covid-related absences.
- The Culture Recovery Fund will get an additional £30 million. This fund will allow more cultural organizations in England to seek for support over the winter months.
- For small and medium-sized enterprises across the UK, the government will additionally reimburse the cost of Statutory Sick Pay for Covid-related absences.
Local governments are waiting for more details from the government. We are still waiting for information on how the program will work, the qualifying criteria, the application process, and cash allocations.
There will also be some additional funding to boost the Additional Restriction Grant (ARG) scheme. This scheme allows us to allocate discretionary funding to businesses most in need. Details and allocations need to be confirmed on this new boost but we are currently running the ARG Challenge Fund for businesses in West Berkshire to support green growth and recovery.
READ MORE INFO HERE: https://www.gov.uk/government/publications/covid-19-economic-support-package