After criticism on the lack of support following recent government announcements, the Chancellor has pledged to help businesses in the hospitality and leisure sectors during yet another difficult time with the announcement of three new support measures.
What new measures were announced?
Businesses in the hospitality and leisure sectors in England will be able to claim a one-off £6,000 cash grant
The Cultural Recovery Fund will be given a £30m top-up
Reintroduction of the Statutory Sick Pay Rebate Scheme
We recognise that the spread of the Omicron variant means businesses in the hospitality and leisure sectors are facing huge uncertainty, at a crucial time.
- Chancellor of the Exchequer, Rishi Sunak
The £6,000 cash grant & the Additional Restrictions Grant top-up
- Eligible hospitality businesses will be able to claim a one-off cash grant up to £6,000
- More information on the grant application process will be released at a later date
- An estimated 200,000 businesses, including those outside of hospitality and leisure, will also be eligible for business grants administered by local authorities. These will be made available in the coming weeks under the Additional Restrictions Grant which has now been topped up with £102m
The Cultural Recovery Fund
- £1.57 billion fund to protect the UK’s culture and heritage sectors introduced in July 2020
- This fund has been helping support the various cultural organisations across England such as theatres, museums and heritage sites
- The fund will receive a £30m top-up
The Statutory Sick Pay Rebate Scheme
- An online service first launched in May 2020
- Small and medium sized businesses (less then 250 employees) will be able to receive compensation from the government for the cost of Covid-related sick pay up to two weeks
- This scheme will be reintroduced with more details to be announced
With talk of further restrictions during the holiday period, Sunak's additional £1bn in financial support for those hit hardest by the pandemic will help mediate some of the financial loss these businesses have experienced during what would normally be one of the busiest times of the year.
How can DSA Prospect help?
Our experienced team have been helping clients plan, manage and mitigate the effects of Covid19 restrictions throughout the pandemic.
To discuss how we can support your business now and in the future, please contact our team today.
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