Home Business News Businesses must take advantage of the latest lockdown financial support

Businesses must take advantage of the latest lockdown financial support

by LLB Finance Reporter
6th Jan 21 8:31 am

Accountancy firm Davis Grant is encouraging business in and around London to seek out help during the latest lockdown via the additional £4.6 billion of grant funding that has been made available by the Government.

The Chancellor Rishi Sunak has announced an additional package of support for businesses within hours of the nation entering a new lockdown.

Aimed at those worst affected by the ongoing pandemic, particularly those in the retail, hospitality and leisure industries, the new grants are aimed at helping businesses survive the latest challenging restrictions.

Under the new measures, a one-off top-up grant worth up to £9,000 per property will be made available for retail, hospitality and leisure businesses.

Meanwhile, local authorities will be able to access a £594 million discretionary fund to support other businesses affected by the ongoing pandemic.

Neil Driver, Director at Davis Grant, said: “Many businesses will welcome the latest package of financial support, especially those who have already been forced to close for much of last year.

“The newest measures are clearly intended to help those industries facing great difficulties due to the pandemic, but the additional discretionary grant will also help those in other sectors who have been adversely affected by the ongoing restrictions to daily life.”

Davis Grant called on businesses to seek out the latest financial support as early as they can to ensure they had the necessary cash flow to survive.

The latest support is in addition to the £1.1 billion of additional discretionary grant funding for local authorities and Local Restriction Support Grants worth up to £3,000 a month that were previously announced, as well as the furlough and loan schemes which were recently extended.

“Many business owners will be very disheartened by the latest lockdown, despite their desires to keep people and communities safe,” said Davis Grant. “However, it is important that they carefully assess their current financial position and seek assistance claiming the support that is available to them.”

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