With the announcement of a new national lockdown in England, Eddisbury MP Edward Timpson CBE welcomes the Government’s increased support for businesses.
Throughout the Pandemic, Edward's priority has been to support people’s livelihoods in Eddisbury.
The Chancellor has already set out the Government’s 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.
But given further national restrictions that will prevent further spread of the virus announced yesterday by the Prime Minister, today the Government is providing additional support to the most affected businesses, worth £4.6 billion across the United Kingdom.
This support includes:
- A one-off grant for closed businesses in England of up to £9,000.
- £500 million in discretionary funding provided to English local authorities to support local businesses.
- The Government has announced a new one-off grant to support retail, hospitality and leisure businesses forced to closed
- Retail, hospitality and leisure business premises forced 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 closed grants of up to £3,000 per month that businesses continue to be eligible for. These grants are worth over £1 billion in total per month.
- HM Treasury expects over 600,000 retail, hospitality and leisure business premises in England to benefit from these grants.
- Businesses can receive multiple grants, as they are eligible on a per premises basis.
- Local authorities will receive the funding for these one-off grants next week, and we encourage them to make payments to businesses as soon as possible.
- Additional discretionary funding for local authorities to support their local businesses
- Local authorities (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.
This support will help businesses get through this difficult period through to the spring.
The Chancellor will announce further aspects of the economic response to coronavirus and how best to support the economy, businesses and jobs at the Budget on March 3rd.
Welcoming the new support Edward Timpson CBE MP said:
“I recognise that this new lockdown has come as another enormous blow to businesses up and down the country as we kick off 2021.
"This support will go some way towards cushioning that blow.
"I commend all of Eddisbury’s business owners for their patience and endurance during the pandemic.
"The news of the vaccine roll-out heralds the light at the end of the tunnel—we just need to hold on for a little while longer. But we will get to the end of this crisis together.”