Certain tourism businesses have been invited to apply for grant funding to support their recovery in the wake of the coronavirus pandemic.
It comes after the launch of new emergency grants for businesses impacted by the Omicron variant.
According to the Government, businesses in the accommodation, hospitality, and leisure sectors in England are eligible for one-off grants of up to £6,000 per premises, depending on their rateable value:
- businesses with a rateable value of £51,000 or above will receive £6,000
- businesses with a rateable value between £15,000 and £51,000 will receive £4,000
- businesses with a rateable value of £15,000 or below will receive £2,667
Businesses eligible for grants are those that offer “in-person services, where the main service and activity takes place in a fixed rate-paying premises, in the hospitality, leisure and accommodation sectors”.
This includes, for example, hotels, restaurants, and entertainment venues.
An additional £100 million will also be made available for businesses that require support but do not strictly fall into the above criteria – such as those that supply the hospitality and leisure sectors.
The fund was introduced in response to falling footfall over the festive period – traditionally the most lucrative time of the year for businesses in the domestic travel and tourism sector.
Commenting on the scheme, Business Secretary Kwasi Kwarteng said: “The spread of the Omicron variant is presenting new challenges, particularly for the hospitality and leisure sectors, so it’s only right that we are stepping up with an urgent £1 billion support package.
“I urge businesses to come forward, engage with their local council and tap into these cash grants, which will help to cover costs and protect jobs as we double down on our efforts to get boosted and defeat this virus.”
The grant fund comes in addition to existing measures designed to support the travel and tourism industry, including the 12.5 per cent reduced rate of VAT.
For help and advice with related matters, please get in touch with our tourism finance team today.
