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Chancellor's Business Support Update

We appreciate that 2020 has been an extremely difficult year for everyone and although we clearly have some difficult months ahead, we are looking towards 2021 with positivity and renewed optimism. Therefore, as we begin our third national lockdown, we want to reiterate that we are here to provide valuable and practical assistance during these difficult times. Please do not hesitate to get in touch if you need us in any (financial) way.


On 5th January 2021, the Chancellor announced a package of new measures to help businesses through the latest lockdown. One-off grants of up to £9,000 per property will be paid to businesses in retail, hospitality and leisure sectors to support them through the latest restrictions which are expected to last until mid-February. 


The grants, provided on a per property basis, will be paid to 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 cannot operate effectively remotely, is eligible for the grant. 


We have very limited information available at this point but it appears that businesses will need to apply for the grants through their local authorities. If this is the case, don’t rely on the grant being automatic. Please look out for updates from your local authority over the next week or two. 


The announcement from HM Treasury can be found here -  https://www.gov.uk/government/news/46-billion-in-n...


EXISTING SUPPORT


The new funding above is in addition to the existing support that has previously been announced and we have summarised the various packages and measures below.


LOAN GUARANTEE SCHEMES – Extensions


The application deadlines for the loan guarantee schemes has been extended as follows: 


- Coronavirus Future Fund – 31st January 2021– this requires match funding to be available and is intended for innovative companies who are facing financial difficulties. More information can be found here:


https://www.gov.uk/guidance/future-fund


- Bounce Back Loans – 31st March 2021 –more information can be found here:


https://www.gov.uk/guidance/apply-for-a-coronaviru...


- Coronavirus Business Interruption Loan (CBILS) – 31st March 2021 – more information can be found here:


https://www.gov.uk/guidance/apply-for-the-coronavi...


Please consider carefully if your business requires additional support. Be aware that you may be able to receive additional/further loans from different funding sources. You are not limited just to one loan from one source, such as your local bank.


Don’t miss the opportunity to take out further loans if you need them. We understand the information requirements of Banks and can readily assist in providing valuable support for applications, including the style, contents and format of the documents required. Please let us know if you require further assistance. Nantwich Accountants: Tel: 01270 623731 or Wilmslow Accountants Tel: 01625 416380.