New support for Orpington's businesses
Today the Chancellor has unveiled new support for businesses to protect livelihoods during the national lockdown.
The £4.6 billion support package will provide a one-off grant for closed businesses in England of up to £9,000 and £500 million for local authorities to support businesses.
If you or your business need help to access support, please email email@example.com.
New one-0ff grant
Retail, hospitality and leisure business premises forced to close can claim a one-0ff grant of up to £9,000. This one-off additional grant depends on their rateable value:
Businesses with a rateable value of £51,000 or above: £9,000
Businesses with a rateable value between £15,000 and £51,000: £6,000
Businesses with a rateable value of £15,000 or below: £4,000
Businesses can receive multiple grants, as they are eligible on a per premise basis. Bromley Council will receive funding for these one-off grants next week.
This is in addition to the existing monthly grants of up to £3,000 per month that businesses forced to close can claim. This also depends on their rateable value:
Businesses with a rateable value of £51,000 or above: £3,000 per month
Businesses with a rateable value between £15,000 and £51,000: £2,000 per month
Businesses with a rateable value of £15,000 or below: £1,334 per month
Local authorities business support
Bromley Council will receive a proportion of the £500 million for local authorities across England to support businesses.
This builds on the £1.1 billion of funding local authorities in England have already received to help businesses impacted by restrictions.
Existing support for jobs
Furlough has already been extended until the end of April 2021. This scheme covers the cost of 80% of wages of furloughed employees for hours not worked. Employers are only asked to cover National Insurance Contributions and pension contributions.
The Self-Employed Income Support Scheme has already been extended until April 2021. After distributing two grants already, the Government will provide a third grant covering 80% of average trading profits between November 2020 and January 2021, capped at £7,500 in total. A fourth grant covering February to April will also be provided.
Find out more: www.gov.uk/coronavirus/business-support