Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the merits of reintroducing the (a) £10,000 through the Small Business Grant Fund and (b) targeted Retail, Hospitality and Leisure Grant Fund of up to £25,000 to assist businesses forced to close during the January 2021 lockdown.
The additional support announced on 5 January is worth £4.6 billion and comes on top of the £1.1 billion already provided to local authorities through the Additional Restrictions Grant, as well as the existing Local Restrictions Support Grant (Closed) which is worth over £1 billion per month under current restrictions. Businesses could receive up to £18,000 over the next three months to the end of March if they are required to close due to COVID-19-related restrictions.
In addition to the grant schemes, we have made available a wider package of support which includes an extension of the furlough scheme until April; an extension of the COVID-19 loan schemes until March; a business rates holiday for all retail, hospitality and leisure business properties; mortgage holidays; enhanced Time to Pay for taxes; and VAT cuts and deferrals.