As the latest national lockdown comes to an end, we are all preparing to go back into the Tier system. With this the new Local Restrictions Support Grant has been announced to be applicable from 2nd December. This grant provides funding to businesses based on how many days they will be closed for. It is also important to note that it will be awarded by local councils and authorities. Below we have outlined what each section of the grant involves and who they apply to:
Local Restrictions Support Grant (Closed)
This grant is for businesses that will be required to close under the Tier 3 restrictions (Local COVID Alert ‘Very High’). Funding of up to £3,000 will be available per 28-day period that the business will have to be closed.
The amount of funding that you will receive will be based on the rateable value of your property. If the value of your business’ property is less than £15,000 you could be eligible for a £667 cash grant for each 14-day period that your business is closed for.
If your business property’s rateable value is over £15,000 and less than £51,000, the cash grant that you could be eligible for is £1,000. And if your property’s rateable value is £51,000 or above you could be eligible for a cash grant of £1,500.
Local Restrictions Support Grant (Open)
This version of the grant is available to businesses that have not had to close but that have been severely impacted by the local restrictions in place in Tier 2 and Tier 3 areas.
Local councils will determine if you are eligible to receive this grant. If you are, the amount that you will receive will be based on the rateable value of your property, similar to LRSG (Closed).
If your rateable value is of £15,00 or less, you could be eligible for a cash grant of up to £467 for each 14 day period that you were affected for.
If your business has property with a rateable value of more than £15,000 and below £51,000, you could be eligible for a cash grant of up to £700 per 14-day period. And if your business property has a rateable value of £51,000 or more you could be eligible for up to £1,050 in the form of a cash grant for each 14-day period.
This information covers the two main parts of the grant that is available and is applicable from 2nd December 2020 onwards. You can find more information released by the Government on their Local Restrictions Support Grant webpage.
We hope that it helps you to understand what is available and if you have any questions about your business finances and what financial aid you might be eligible for, get in touch with us at Makinson & Co and we would be more than happy to help.
