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Your FREE Guide to Lockdown Recovery

Getting ready for the “new” normal means planning and safeguarding your business post COVID-19.

This guide acts as a useful reminder of the key things that need to be in place if you are going to get your business functioning efficiently and effectively; look after your people and your customers; and move your business forward.

We are in very uncertain and challenging times, but Jerroms are here to help in any way we can – so please get in touch.

Additional COVID-19 Economic Support Packages

The government announced in late December 2021 additional economic support to help businesses who have been most impacted by the Omicron variant.

The government is introducing a new grant scheme to support businesses that are experiencing difficulties because of the Omicron variant. Hospitality (defined as accommodation, food & beverage services) and leisure premises will benefit from targeted grant support.

The Additional Restrictions Grant (ARG) will also be topped up so local authorities (LAs) can continue to use their discretion to support other businesses in their area, based on local economic need.

Recipients must be solvent businesses, and ratepayers in the hospitality and leisure sector. For example, a pub; hotel; restaurant; bar; cinema; or amusement park. Grants are per premises and the amount paid is varied by rateable value (RV) of each eligible premises, in three bands: £0-15k; £15-51k; and over £51k.
 
Rateable Value                      Value of Grant
£0-15k                                     £2,700
£15-51k                                   £4,000
>£51k                                      £6,000
 
In addition, Local Authorities (LAs) in England will receive a top-up worth a total of £102 million to their Additional Restrictions Grant fund. Up to £250 million is still currently with LAs, which they will distribute.
 
All grants will be subject to the subsidy control allowances. The subsidy control policy will be published as part of the scheme guidance. Businesses that are in administration, insolvent or where a striking-off notice has been made, are not eligible for funding under this scheme.
 
LAs are responsible and accountable for the lawful use of funds and must be satisfied that all eligibility and subsidy allowance conditions have been fully complied with when making grant payments. To do this, LAs will be expected to have pre- and post-payment assurance plans in place and undertake a Fraud Risk Assessment.
 
Final application and payment dates for the hospitality and leisure grants and the ARG will be confirmed in guidance published by the Department for Business, Energy & Industrial Strategy. 
 
To find your local council and for their application process see:
Find your local council - GOV.UK (www.gov.uk)

Get In Touch

Please get in touch if you want to talk more about how we can help you.
We offer an initial consultation free of charge which gives us the chance to meet and discuss your needs, with no obligation.

Corporate Finance in Solihull

Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH

0121 693 5000

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Jerroms is a trading style of Jerroms Business Solutions Limited 08923059, Jerroms (Bromsgrove) Limited 08433008 and Jerroms Corporate Finance Limited 12112183 . 
Registered office for each of these companies is: Lumaneri House, Blythe Gate, Blythe Valley Park, Solihull, B90 8AH