Chancellor Rishi Sunak has announced that closed businesses within the retail, hospitality and leisure sectors may be eligible for a one-off cash grant worth up to £9,000. The grants are allocated on a per-property basis to support businesses and protect jobs through the latest COVID-19 restrictions. The amount of funding received by a business is dependent on its rateable value.
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
It will be the responsibility of the devolved nation’s administrations to allocate funding and as such, each will receive the following funding:
- Scottish Government will receive £375 million
- Welsh Government will receive £227 million
- Northern Ireland Executive will receive £127 million
As part of the new relief package there will be a further £594 million made available in a Discretionary Fund for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants that might be affected by the restrictions. Businesses should apply to their Local Authorities.
The grants are in addition to the 100% business rates relief that is already in force for retail, hospitality and leisure businesses.
Mandy Peters, RYA Legal Manager, said: “The announcement of the two new funding schemes will come as a huge relief to many of the RYA affiliated clubs and recognised training centres (RTC) which have been severely impacted by the COVID-19 restrictions. We hope that the Local Authorities that are allocating grants from the Discretionary Fund will recognise the affect that the restrictions are also having on the self-employed within the leisure industry.
“The RYA recommends that affiliated clubs, RTCs and those self-employed in our sector contact their Local Authority regarding these latest business grants. We would also urge businesses within the boating sector to continue researching and contacting Local Authorities about any new business grants and loan schemes. Each authority may operate different eligibility requirements so it is important to keep checking and keep researching.”
You can find further information about applying for the new funding on GOV.UK.
If you are an affiliated club, class, or RTC and have a query regarding the above grant applications, please get in touch with the RYA Legal team, call: 023 8060 4223 or email: firstname.lastname@example.org.