back Back

Rishi Sunak announces £4.6 billion in new lockdown grants for UK businesses

By Megha Bhattacharya

January 06, 2021

Share

UK Chancellor Rishi Sunak supports FinTech
         UK Chancellor Rishi Sunak

UK Chancellor Rishi Sunak has announced new one-off top-up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring. This follows Prime Minister Boris Johnson’s announcement of shutting down enterprises until February half-term along with a lockdown plan to help control the virus.

According to Sunak, the cash will be provided on a per-property basis to support businesses through the latest restrictions and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK. He also said, “The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.”

A discretionary fund worth £594 million has also been made available to support other affected businesses, which are not eligible for the grant. This comes in addition to the existing £1.1 billion discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month. The government has extended the furlough scheme to April and 100% government-backed loans until March.

“Throughout the pandemic, we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring. This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen,” Sunak concluded.

The press statement revealed that the one-off top-ups will be granted to closed businesses as follows: £4,000 for businesses with a rateable value of £15,000 or under, £6,000 for businesses with a rateable value between £15,000 and £51,000, £9,000 for businesses with a rateable value of over £51,000, any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.

For more information, please visit – https://www.gov.uk/coronavirus/business-support 

Previous Article

January 06, 2021

SVB Financial Group to acquire Boston Private to bolster private bank and wealth management offering

Read More
Next Article

January 06, 2021

CRED raises $81 million; initiates ESOP buyback worth $1.2 million

Read More










IBSi Daily News Analysis

December 06, 2022

Why SMBs can’t switch payment providers despite desire  

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

December 06, 2022

Tuum opens London office, appoints Giorgio Daher as Sales Director

Read More

December 02, 2022

ASA Microfinance Bank partners with NdcTech to implement Temenos’ core banking system

Read More

December 01, 2022

astrantiaPay selects SaaScada for Business Payments in Switzerland

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022