On 21 December 2021, Chancellor Rishi Sunak announced £1bn package for hospitality and leisure firms ho have been impacted by the Omicron variant.
What is the aim of the grants?
- To support businesses who are in difficulties due to the Omicron variant and the dual impact of staff absences and lower consumer demand.
What type of grants will be on offer?
- There is a targeted grant to be made available to the hospitality and leisure sector, defined as providing accommodation, food and beverage services.
- The Government will top up the Additional Restrictions Grant fund for local authorities to use at their discretion to support struggling businesses not within the hospitality sector.
- The Government will also be putting more funding into the Culture Recovery Fund to support organisations such as theatres, orchestras and museums through to March 2022.
Who is eligible for the targeted grant?
- Businesses based in England.
- The business must be solvent and ratepayers in the hospitality and leisure sector.
- Examples of eligible businesses are pubs, hotels, restaurants, bars, cinemas and amusement parks.
What is the amount of the targeted grant?
- Grants are per premises.
- The amount paid is varied by rateable value of each eligible premises.
- £2,700 for businesses with a rateable value of £15,000 or under
- £4,000 for businesses with a rateable value between £15,000 and £51,000.
- £6,000 for businesses with a rateable value of over £51,000.
How to apply for the targeted grant?
- Through your Local Authority.
When you can you apply for the targeted grant?
- Further guidance and application dates to be provided in due course by the Department for Business, Energy & Industrial Strategy (BEIS).
Get in touch
If you would like to know more about the scheme and how your business can benefit from this scheme, please contact us today. Our business growth experts are here to help you guide through these challenging times.
DISCLAIMER: This article is for guidance only, and the information provided may be time sensitive at the time it was published. Any professional advice should be obtained before acting on any information contained herein. Morgan Reach Chartered Certified Accountants cannot accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the content of this article.