The Latest On Additional Coronavirus SupportPaul
What’s the latest in additional coronavirus support? Well, in December 2021 the government issued a release describing a further £1bn in business support to mitigate the economic damage from the restrictions imposed.
£1 billion additional coronavirus support grants remain to be claimed before 31st March 2022
Local authority additional business grants
The objective of this coronavirus support
To introduce a new grant scheme to support businesses that are experiencing difficulties due to the government measures restricting businesses regarding the Omicron variant, and the dual impact of staff absences and lower consumer demand.
Who can claim this additional support?
For hospitality – e.g. food & beverage services, accommodation and leisure premises will be eligible.
Recipients must be:
- A solvent business.
- In the hospitality sector (e.g. pubs, restaurants, bars, cinemas, amusement parks)
Grants are on a per premises basis and the amount paid is varied by rateable value (RV) of each eligible premises in the following three bands base on RV:
- £0k-£15k: £2,700 available
- £15k-£51k: £4,000 available
- £51k+: £6,000 available
In their data attachment, the government states this will grant £683m.
But that’s only £683m, where’s the other £313m?
The government state that the totals will look like this:
- £683 to the Omicron affected business.
- £102m “top up” for the Additional Restrictions Grant (ARG)
- £30m through the Culture Recovery Fund
- “Around” £150m for the Devolved Administrations through the Barnett formula
Yes I know this only makes £965m, but what’s £35m between friends?
You know what they say, “A million here and a million there, pretty soon your taking real money!” – well maybe it wasn’t quite that quote but close.
How long will the scheme be open?
The duration of the scheme runs until the end of March 2022 so if you are thinking of applying for this act now. You can call us if you need – we can help with funding applications.
If you’d like to read the full document published by HMRC it can be found here.