£4.6 Billion in New Business Grants Announced

The Chancellor of the Exchequer has announced a range of new ‘lockdown grants for businesses forced to close under the latest national lockdown restrictions, including Coronavirus Local Restriction Support Grants.

Following the Prime Minister’s announcement of a national lockdown until at least February half-term, the new Coronavirus grants will work with the wide range of existing funding to support UK businesses.

“Today we’re announcing a further cash injection to support businesses and jobs until the Spring.

 

This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”

 

Chancellor of the Exchequer Rishi Sunak

The new backing is expected to benefit over 600,000 companies and includes one-off top up grants for retail, hospitality and leisure worth up to £9,000 per property and Local Restriction financial support for businesses worth up to £3,000 a month. Any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.

If your business has been impacted by national restrictions and does not fit the above COVID grant criteria or requires a larger amount of funding, Portman is here to help support you.

Government backed loans are still available with the Coronavirus Business Interruption Loan Scheme, the closing date now extended until March 31st – you can borrow from £50,001 to £1 million.

Contact us now and take advantage of the best commercial loan we’ve ever offered.

Previous CBILS or Bounce Back Loans do not affect eligibility. If you’re already waiting for funding approval you can still apply with us – Cut through the delays and receive a reply within 24 hours.

Check your eligibility HERE or call 01604 761276 and talk to one of our CBILS experts today.

Portman Asset Finance