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It has been announced that more than \u00a31 billion of support will be made available to businesses affected by the Omicron variant.<\/p>\n
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According to the Government, firms in the hospitality and leisure sectors in England will be eligible for one-off grants, while other businesses may be eligible for discretionary funding.<\/p>\n
Here\u2019s what we know so far.<\/p>\n
Grant funding<\/strong><\/p>\n HM Revenue & Customs (HMRC) has confirmed that businesses in the hospitality (defined as accommodation, food, and beverage services) and leisure sectors will be eligible for a one-off grant of up to \u00a36,000 per premises \u2013 equivalent to the monthly cash grants provided to hospitality businesses when they were fully closed earlier this year.<\/p>\n It means that around 200,000 firms will receive support \u201cin the coming weeks\u201d, providing they are solvent businesses.<\/p>\n Grants are per premises and the amount paid is varied by rateable value (RV) of each eligible premises, in three bands: \u00a30-15,000 (\u00a32,700 grant); \u00a315-51,000 (\u00a34,000 grant); and over \u00a351,000 (\u00a36,000 grant).<\/p>\n It comes after recent research revealed that local firms have lost 40 to 60 per cent of their December trade \u2013 usually the most profitable month of the year.<\/p>\n Discretionary funding<\/strong><\/p>\n Councils will also be handed \u00a3100 million to support businesses indirectly affected by the coronavirus pandemic, such as those who supply the hospitality and leisure sectors.<\/p>\n The Additional Restrictions Grant (ARG) will be awarded on a case-by-case basis to businesses \u201cmost in need\u201d.<\/p>\n When can I claim?<\/strong><\/p>\n Final application and payment dates for the hospitality and leisure grants and the ARG will be confirmed in guidance published by the Government later this year.<\/p>\n Hospitality and leisure sectors \u201cfacing huge uncertainty\u201d<\/strong><\/p>\n Announcing the scheme, Chancellor of the Exchequer Rishi Sunak said: \u201cWe recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time.\u201d<\/p>\n Michael Izza, ICAEW Chief Executive, added: \u201cThe emergency funding will give hospitality and leisure businesses some welcome respite and go some way to helping offset lower customer numbers during this important trading period.\u201d<\/p>\n Get advice today<\/strong><\/p>\n For help and advice with related matters, please get in touch with our grant funding team today.<\/p>\n","protected":false},"excerpt":{"rendered":"