The Chancellor, Rishi Sunak, recently announced £1billion in additional financial support for Covid-hit businesses in the hospitality and leisure sectors.
Pubs, restaurants, cafes and leisure outlets are all continuing to suffer as the impact of the new Omicron variant of Covid takes its toll on takings and revenues in the hospitality sector. To combat this, the Government is offering one-off grants to hospitality and leisure businesses that have been adversely affected by the new variant.
But how much grant funding is available? And what other measures are being offered to get your business through this tough winter period?
What’s included in the support package?
Business leaders in the hospitality and leisure sectors have been calling on the UK Government to provide additional support for some time. So, the news of one-off grants has been widely welcomed, even if it’s clear that more support may be needed for both sectors to fully recover.
This is the support that’s currently available for eligible businesses:
Is £6k enough to solve your cashflow issues?
Any kind of financial support will always be warmly welcomed, but a one-off grant of £6k per premises may well be insufficient if your business is in a precarious cashflow position.
These government-backed grants will help in the short-term, but for your hospitality or leisure business to get back into a positive cashflow position, additional funding is almost certainly going to be needed during the early stages of 2022.
So, what other funding options are available?
Talk to us about improving your cash position
If you’re facing the first quarter of 2022 with some severe cashflow hurdles to overcome, please come and talk to us. As your accountant, we can help you apply for the available government grants, and look at other alternative routes to additional funding.
Get in touch to resolve your cashflow issues.