The Government has released initial information on a new £1billion Business Grants scheme to support businesses that have been impacted by the Omicron variant, the ongoing impact of staff absences due to Covid, and lower consumer demand.

The announcement was made on Tuesday 21 December 2021 and we are awaiting further information on how the scheme will work, the eligibility criteria, application process and funding allocations from Government. Once these have been provided, we will start the process to distribute these grants as soon as possible and help support those local businesses who are eligible under the scheme.

The scheme guidance so far indicates that those businesses supported will include: hospitality (defined as accommodation, food & beverage services) and leisure premises will benefit from targeted grant support. Those eligible businesses with a rateable value under £15,000 will be entitled to £2,700; a rateable value between £15,000 and £51,000 will receive £4,000; and those with a rateable value over £51,000 will receive £6,000.

There will also be some additional funding to boost the Additional Restriction Grant (ARG) scheme, which allows us to allocate discretionary funding to businesses most in need. Details and allocations need to be confirmed on this new boost.

The Government will also cover the cost of Statutory Sick Pay for Covid-related absences for small and medium-sized employers across the UK.

Cllr Joan Lloyd, Executive Member for Resources at Stevenage Borough Council said:

"This further support for businesses is very welcome at what we know is a difficult time for those businesses operating in hospitality and leisure.

"We have worked hard to distribute previous grants as quickly as possible with funds being released rapidly to help support local businesses. As soon as we have final detail and guidance on the scheme, we will get started on delivering the grants and assisting businesses across the borough."

Find more information about £1 billion in support for businesses most impacted by Omicron across the UK