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Budget and Grant Updates

 

Government Update

 Chancellor Rishi Sunak has been delivering his Budget today. Some positive points for businesses to note are:

Jobs

  • The furlough scheme and self-employment grant will be extended until September
  • The £20 weekly increase for Universal Credit will also continue for a further six months.
  • The national living wage will increase to £8.91 an hour from April
  • Businesses will be awarded £3,000 for all new apprentice hires
  • And £126m will be spent on tripling the number of traineeships

Businesses

  • Non-essential retailers can claim a restart grant of up to £6,000 per premises
  • Hospitality, leisure, personal care and gyms can claim grants of up to £18,000*
  • The business rates holiday will continue through to the end of June
  • And for the rest of the year these rates will still be discounted by two-thirds, up to a value of £2m for closed businesses
  • VAT will stay at the reduced rate of 5% until 30 September then 12% until April 2022
  • An additional £425 million has also been added to the Additional Restrictions Grant (ARG) fund to help those not receiving the grants.

*A new package of grant support was announced. The measure will see grants of up to £18,000 per hospitality premises facilitate the sector’s restart this summer. The grant will start from 1 April and will replace the closed business grants of £3k a month which run out on 31 March. The grants will be allocated based on the value of a property:

    • £8,000 for properties with a rateable value of £15,000 or under
    • £12,000 for properties with a rateable value between £15,000 and £51,000
    • £18,000 for properties with a rateable value of £51,000 or over

Full details of the Budget can be found here 

Eden District Council update

Local Restrictions Support Grant (Closed)

“This grant scheme has been extended until 31 March 2021. The next payment will be a 44 day payment which will be £2,096, £3,143 or £4,714 dependent on rateable value. The other eligibility criteria remains the same. We are intending to do automatic payments and eligible businesses will be emailed during week commencing 8 March 2021 to confirm their continued eligibility for the scheme.”

 

 

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