New Forest

09/02/2022

Deadline looms for new hospitality and leisure grants

Eligible businesses in England have until the end of this month to apply for the new Omicron hospitality and leisure grants.

 

The Treasury announced more support for hospitality, leisure and accommodation businesses before Christmas last year.

Chancellor Rishi Sunak said at that time the new grant scheme was part of a new support package worth £1 billion.

That followed hospitality and leisure firms being hit by a collapse in bookings amid consumer concerns over the spread of Omicron.

According to Hospitality UK, many of these businesses reported lost trade in December 2021 – often their most profitable month – of 40-60%.

Restaurants, bars, cinemas and theatres in England have until an specified date in February 2022, determined by local authorities, to apply for a grant of up to £6,000 for each of their premises.

The Treasury has set aside an initial £683 million for these firms and it will be provided under existing council-run schemes.

The scheme is based on business rates. Firms with a rateable value of up to £15,000 will be eligible for grants of up to £2,700.

Those with a rateable value from £15,000 to £51,000 will be eligible for grants of up to £4,000.

Those with rateable values over £51,000 can get the £6,000 grants, so larger chains will be the ones to benefit from the top end of this support.

To receive funding, businesses must have been trading on 30 December 2021 and be the current ratepayer in occupation of business premises appearing on the local rating list on the same date.

Successful applicants will receive their grants on or before 31 March 2022.

For further information on managing cash flow, please contact Andrew Kershaw on 023 8046 1245.

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