It’s a new year but for many businesses the pressures and problems because of coronavirus are still the same.

Many will be struggling financially as the pressure of being able to provide services or move goods gets harder by the week.

2020 was a year of tremendous pressure for many while some failed to see it through to 2021.

Now, as lockdown looks set to remain in place until March, the future looks bleak for many businesses – especially the retail, hospitality and leisure industries who have not had the usual Christmas and New Year boost.

But what help is there for these types of businesses?

On the 5th January, Chancellor Rishi Sunak set out plans to offer financial support to the retail, hospitality and leisure industry with £4.6billion in lockdown grants. 

This means that one-off grants worth up to £9,000 will be available per property to help businesses through spring. This comes alongside an extended furlough period and 100% business rates relief for these industries.  This move is expected to offer much needed support to over 600,000 businesses across the UK.

Importantly, any business that is eligible for the grant will not be expected to pay this money back.

Those businesses with a rateable value of £15,000 or less will be able to claim up to £4,000. Medium-sized sites with a rateable value between £15,000 and £51,000 are eligible for up to £6,000.  Larger businesses with a rateable value of more than £51,000 will be able to claim up to £9,000.  Businesses will be able to apply for this grant via their local authority.

Throughout the pandemic, Gravity Risk Services Ltd has continued to provide its award-winning service to our clients. We are here to help you protect your business wherever possible. 

Get in touch with one of our advisers to find out more.