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Rishi Sunak, Chancellor of the Exchequer, has been tasked with steering the ship as the ongoing crisis wreaks havoc on people and businesses. Many have been financially affected by the pandemic, and businesses have been forced to reckon with closures to stop the spread of the virus. The wave of government support was scheduled to end this month – mainly furlough and the payment holidays which have provided financial relief to millions.
However, the Chancellor has once again extended a helping hand to those who need it most.
Speaking today, Mr Sunak has said the government intends to help businesses in the coming months.
This will be achieved in the form of cash grants to companies in England which have been forced to shut in local lockdowns – which have been created to stop the spread of the virus.
As such, it is likely the grant will help many with their fixed business costs, a significant burden if companies are forced to close.
The grants will be linked to rateable values going forward.
This means that businesses can get up to £3,000 per month in support.
The sum will be payable every two weeks, providing a regular form of support to those who need it most.
Previously, the government made available £1,500 every three weeks, but has upped its efforts to support people throughout the crisis.
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The government has said such measures are likely to benefit hundreds of thousands of businesses across England.
And those who particularly stand to benefit are companies in the hospitality sector who have arguably been worst hit by the ongoing crisis.
The measure comes as part of the government’s extension of the Job Support Scheme.
The government has said it will pay two thirds of each employees’ salary or 67 percent, up to a maximum of £2,100 a month.
This is available to businesses whose premises are legally required to shut as part of local or national restrictions.
The new announcement of measures are to sit alongside the original Job Support Scheme announced recently by the Chancellor.
Commenting on the new support offered by the government, Mr Sunak vowed to help those who need it most.
He said: “Throughout the crisis, the driving force of our economic policy has not changed.
“I have always said that we will do whatever is necessary to protect jobs and livelihoods as the situation evolves.
“The expansion of the Job Support Scheme will provide a safety net for businesses across the country who are required to temporarily close their doors, giving them the right support at the right time.”
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