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Help is at hand: New financial support available during lockdown 3.0

After the announcement of a third national lockdown in England to help control the spread of Coronavirus, Chancellor Rishi Sunak, also announced urgent support for retail, hospitality and leisure sectors, including beauty businesses.

The news offers some welcome relief to the hair and beauty industry, especially as we bring in more than £6billion for the UK’s economy. While it’s not necessarily going to improve our income, this government support does allow us to take a breather for a moment. Now, more than ever it’s important to seek the support you deserve and have rightfully earned, whether that’s through a government grant or talking to like-minded professionals.

 


So, what does it all mean?

As part of the Chancellor’s £4.6billion package, beauty business owners can apply for up to £9,000 in one-off grants, based on a sliding scale - see below to see where you fit in.

£4,000 for businesses with a rateable value of £15,000 or under
£6,000 for businesses with a rateable value between £15,000 and £51,000
£9,000 for businesses with a rateable value of over £51,000 

These new one-off top-ups are in addition to existing available funds and the extension of furlough until the end of April 2021, which means they could definitely be of benefit if you get in touch now. The package is expected to help over 600,000 businesses and the cash is provided on a per-property basis. Businesses should apply to their local authorities as business support is decided by local administration, so make sure you start there.

The Chancellor says that this new cash injection 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.”

Fingers crossed there’s light at the end of this tunnel. We’re in this together.

For more information visit www.gov.uk/coronavirus

If you need advice on how to plan ahead for 2021, why not check out this blog on How to Thrive with your Business? If you’re looking for information and tips on how the best in the business have been staying busy during lockdown check out our IGTV series, How I Got Here, over on Instagram.

 


 

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