If you’re one of the many businesses in the hospitality sector impacted by the pandemic, you’ve probably already heard the news about the further support that’s become available.
On 21st December 2021 Rishi Sunak announced a further £1 billion in grants for the hospitality and leisure sectors.
The Chancellor unveiled the proposal for further grants in recognition of the huge number of cancellations, due to the rise of the Omicron variant, at what should be the most profitable time of the year for most businesses.
This new grant may provide a small measure of relief for the pubs, restaurants and bars that, according to data from UKHospitality and CGA, were devastated by losses of 60% of their income on Christmas Day, 31% on Boxing Day, and 27% on New Year’s Eve.
What do you need to know?
So, with more help on its way, what do you need to know?
- If your business qualifies for the grant, you may be eligible for up to £6000 per premises
- The Government will also provide support in covering Covid-related Statutory Sick Pay costs for small and medium-sized employers (up to 250 employees). Claims can be made from mid-January retrospectively
- In addition, more than £100m in discretionary funding will be made available to local authorities to add to the Additional Restrictions Grant (ARG) fund
- And an extra £30m has been provided to the Culture Recovery fund to help cultural organisations such as theatres and museums
The new business grants and Statutory Sick Pay Rebate Scheme (SSPRS) are on top of other business support available, including business rates relief for the hospitality and leisure sector, a reduced rate of VAT until the end of March, the Covid Additional Relief Fund and protection on eviction for those behind on their rent.
Is enough being done to support affected businesses?
However, as always the proposed grants often have specific gaps that exclude some businesses from eligibility or delays in delivering funds that impact on worried business owners.
Henrietta Brealey, chief executive of Greater Birmingham Chambers of Commerce, said: “We welcome this additional support for businesses impacted by the latest Covid-19 situation.”
“The Chamber and the business community have been vocal about the truly damaging impact of the current situation on key sectors of the economy and the Chancellor has responded with a significant package of support.”
“As always, the devil is in the detail and we will be working with our members and partners to understand how the headlines will translate into action on the ground and where any gaps remain.”
She added, “we urge the government to act swiftly on getting this support to businesses in need. We also have concerns regarding the scale of support given the significant losses incurred by the most impacted businesses.”
If you are one of those affected, do speak with your local council or Chambers of Commerce for advice on the local grants and ARG available to you.
Get in touch for more information
And, of course, if you have any questions as to how the grants and support available will impact your business or accounts, please contact us today. The team at Trinity are here to help you.
