If you haven’t already looked into whether or not you are eligible, it may be worth checking whether the additional £1 billion support package could apply to you.
This additional support was announced by Rishi Sunak on the 21st December, designed to help businesses impacted by the Omicron variant.
Recognising the significant impact of the Omicron variant on the hospitality industry has prompted the government to announce one-off grants of up to £6,000 per premises in English hospitality and leisure sectors. In addition to this, more than £100 million of discretionary funding will be made available for local authorities to support other businesses.
The government also agreed to cover the cost of Statutory Sick Pay (SSP) for COVID-related absences for small and medium-sized employers across the UK.
Chancellor of the Exchequer, Rishi Sunak, said: “We recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time. So we’re stepping in with £1 billion of support, including a new grant scheme, the reintroduction of the Statutory Sick Pay Rebate Scheme and further funding released through the Culture Recovery Fund.”
In addition to the £1 billion support package:
These additional measures will reinforce the existing package of business support, including:
- Business rates relief meaning that the majority of businesses in the hospitality and leisure sectors will see a 75% reduction in their business rates bill across the entire financial year and a new 50% capped business rates relief next financial year
- A 12.5% reduced rate of VAT for hospitality and tourism to support the cash flow and viability of around 150,000 businesses and protect over 2.4 million jobs, until the end of March
- The £1.5 billion COVID Additional Relief Fund for businesses that have not previously had business rates support
- Businesses will be protected from eviction if they are behind on rent on their premises, thanks to the moratorium in place until March 2022
- Access to finance for SMEs through the Recovery Loan Scheme to June
- Bounce Back Loan repayment flexibility, with borrowers having the option to take a 6 month repayment holiday, three 6 month interest only periods or extend their loan to 10 years, which almost halves the monthly payment
- HMRC stand ready to support any business impacted by the coronavirus pandemic through its Time to Pay arrangement, and the Chancellor has asked them to offer businesses in the hospitality and leisure sectors in particular the option of a short delay, and payment in instalments, on a case by case basis, as part of this
Holly brings a wealth of experience in both print and digital publishing and is very passionate about the hospitality industry.