What Coronavirus Business Support is Available to Me?
Lockdown has now started for England and continues elsewhere, and the government has released a new series of business supports to help combat the effects of a second lockdown. These include extending the furlough scheme, and the self-employment income support scheme across the UK.
As ever, TurnerWarran is here to help local businesses anyway we can over the next difficult few months. If you would like to have a consultation or a free chat about business planning and local grant funding, please get in contact with us.
The Job Retention Scheme has been extended
The Chancellor has announced that the Coronavirus Job Retention Scheme (or CJRS) will be extended until the end of March 2021 for all parts of the UK. For claim periods running to 31 January 2021, the UK Government will pay 80% of employees’ usual wages for hours not worked, up to a cap of £2,500 per month.
The Government has announced that they will review the policy in January, to decide whether economic circumstances are improving enough to ask employers to contribute more.
It was also confirmed that the Job Retention Bonus will no longer be paid in February 2021, as the CJRS will be available at that time. An alternative retention incentive will be put in place at the appropriate time – details of which we will update you with when we know more.
If we processed your previous claims, we will be updating our systems for the extended scheme and we will be able to estimate your claims under the new scheme shortly.
Support through the Self-Employment Income Support Scheme has been increased
For those of you who are self-employed, support for millions more workers through the Self-Employment Income Support Scheme (SEISS) will be increased. The third grant covering November through to January is calculated at 80% of average trading profits, and goes up to a maximum of £7,500.
Support for businesses in the Lincolnshire area
95% of small or medium enterprises (SMEs) in the Humber region may also be eligible to access support – and if you’re a business with under 250 full-time equivalent employees, you could be eligible for two types of grant funding.
These grants, run though the #GrowMySME scheme, can help contribute towards the cost of working with experts that can help businesses bounce back from the effects of the pandemic.
They offer up to £5,000 available to help support businesses that have been impacted by Covid-19. There are two types of grant your business could be eligible for.
From professional advice around business growth, planning and strategy, to preparing information to access finance – the grant can contribute towards these professional services, including our own here at TurnerWarran.
The Business Support Finder
Whether you’re a sole trader, self-employed or a limited company director – the government has published a ‘Business Support Finder‘ which identifies what loans, tax relief and cash grants you could be eligible for.
There is financial support available for both open and closed businesses, and we recommend every business sees if they can access some much needed support.
Additional Announcements from this week
There has also been a series of other announcements this week, including:
- Grants of up to £3,000 per month for businesses which are closed worth more than £1 billion every month
- £1.1 billion is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly
- Plans to extend existing government-backed loan schemes and the Future Fund to the end of January, and an ability to top-up Bounce Back Loans
- An extension to the mortgage payment holiday for homeowners
- Up to £500 million of funding for councils to support the local public health response.
There is also more in depth detail about the latest government announcements from the 5th November, on the government website.