New business grants available for the hospitality and leisure sectors
The UK government has announced £1billion in Omicron funding available for businesses in the hospitality and leisure sectors in England. They have been made available due to the struggle they’ll likely encounter due to the rise of the Omicron variant.
What’s available?
The businesses will be eligible for one-off Omicron funding of up to £6,000 per premises. Around 200,000 businesses are eligible for business grants.
The government will also cover the cost of Statutory Sick Pay for Covid-related absences for SMEs across the UK.
£30 million in additional funding will be made available through the Culture Recovery Fund.
The government is working closely with counterparts across the UK. The devolved administrations will receive around £150 million of Omicron funding through the Barnett formula. This comprises of around £80 million for the Scottish Government, £50 million for the Welsh Government and £25 million for the Northern Ireland Executive.
To summarise, the Omicron funding consists of:
- £683 million for targeted grants for businesses in the hospitality and leisure sector.
- £102 million top-up for the Additional Restrictions Grant (ARG)
- £30 million for the Culture Recovery Fund
- £154 million of Barnett funding covering all three above
- Funding for Statutory Sick Pay Rebate scheme (which is additional to these amounts).
Prime Minister, Boris Johnson said:
“With the surge in Omicron cases, people are rightly exercising more caution as they go about their lives, which is impacting our hospitality, leisure and cultural sectors at what is typically the busiest time of the year.
“That’s why we’re taking immediate action to help with an extra £1 billion in grants to these industries and reintroducing our Statutory Sick Pay Rebate Scheme.
“I urge people across the country to please get boosted now to secure vital protection for yourselves, your loved ones and your communities.”
Chancellor of the Exchequer, Rishi Sunak said:
“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.
“So we’re stepping in with £1 billion of support, including a new grant scheme, the reintroduction of the Statutory Sick Pay Rebate Scheme and further funding released through the Culture Recovery Fund.
“Ultimately the best thing we can do to support businesses is to get the virus under control, so I urge everyone to Get Boosted Now.”
How to apply
Businesses in the hospitality and leisure sector will be able to receive Omicron funding via local authorities. More than £100million discretionary funding will be made available for local authorities to support other businesses. This is known as the Additional Restrictions Grant (ARG) fund for local authorities in England.
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