This website uses cookies to ensure you get the best experience. Please read our policies for more information.

10 Chartered Accountants

News

Government to launch new local lockdown grants
14 September 2020

Businesses that are required to shut due to local lockdowns could be entitled to claim up to £1,500 in grant funding every three weeks for each premises that is closed.

The new grant funding has been created to support those businesses that are adversely affected by local restrictions, which are being imposed in areas with high incidences of the Coronavirus.

Under the new scheme:

  • If a business occupies premises with a rateable value less than £51,000 or occupies property or part of a property subject to an annual rent or mortgage payment of less than £51,000, it will receive £1,000.
  • If a business occupies premises with a rateable value of exactly £51,000 or above or occupies property or part of a property subject to an annual rent or mortgage payment of exactly £51,000 or above, it will receive £1,500.

Unfortunately, any businesses still closed at a national level, such as nightclubs, will not be eligible for this funding.

The new grants will be delivered by local authorities, who will be responsible for distributing the grants to businesses in circumstances where they are closed due to local interventions. Local authorities are being given the discretion to determine additional eligibility criteria should it be deemed necessary.

These new grants can be used alongside other support, but as with other COVID grants funding from this new initiative will be treated as taxable income.

Further details of this new grant are yet to be published by either the Government or local authorities. We will try and bring you updates on this new scheme as and when they emerge.

Other recent news

Government to launch new local lockdown grants
14 September 2020

Businesses that are required to shut due to local lockdowns…
Read more

CBILS ends on 30th September 2020
10 September 2020

The Coronavirus Business Interruption Loan Scheme (CBILS) has offered important…
Read more

How will you rebuild and recover? Funding launched to cover cost of professional advice
20 August 2020

The value of cash flow forecasting, management accounts and revised…
Read more

Tax changes outlined in draft Finance Bill 2020 – 2021
19 August 2020

The Government has unveiled its draft legislation for the 2020…
Read more

Coronavirus Business Interruption Loan Scheme expanded to more businesses
19 August 2020

Following a change in EU state aid rules, the Government…
Read more

»

Case Studies