Further to the Prime Minister’s announcement on 4 January 2021, declaring another national lockdown, Chancellor Rishi Sunak has announced “top-up” grants for retail, hospitality and leisure businesses adversely impacted by the new lockdown, with the proposal expected to cost £4.6 billion and benefit over 600,000 businesses.
In addressing the detrimental impact that the coronavirus pandemic has had on businesses, the first stage of the SEISS paid out £7.8 billion benefitting over 2.7 million people who were self-employed or in business partnerships. Applications for the first stage closed on 13th July 2020.
On 17th August 2020, the second stage of the scheme opened and is available to claim until 19th October 2020.
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In addition to the various government schemes to protect existing businesses, employees and the self-employed during the coronavirus pandemic, the government has created a new loan scheme to support new ventures: the Future Fund.