The Government has created a simple to use coronavirus business support finder tool. The tool can quickly and easily determine what financial support is available to your business during the coronavirus pandemic.
The tool can be found on the Gov.uk website, you will be asked to fill out a simple online questionnaire, after which you will be directed to a list of all the financial support you may be eligible for.
The government has replaced the previous Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and its larger sibling CLBILS with new government backed loans for businesses. The loans range from £25K to £10M and are available until the end of 2021 with the Government providing an 80% guarantee.
More information here.
To help support reopening, a new set of support grants will be administered by local authorities. The grants will be based on the rateable value of property. Non-essential retail businesses can apply for up to a £6,000 grant per premise to reopen on April 12, while hospitality and leisure businesses can apply for up to £18,000.
This scheme replaces the current monthly grant system and will be awarded by Local Authority, check their website for details / updates.
More info can be found here.
Businesses in the retail, hospitality and leisure sectors in England will continue to have a 100% business rate holiday until the end of June 2021 tax year. Rates from July onwards will be discounted by 2/3rds until the year end. A £2M cap applies. The relief is automatic and will apply to the next business rates bill in April 2020. More info can be found here.
Employee & Self Employment Support Scheme Eligibility Details How to access it Coronavirus Job Retention Scheme (CRJS) All UK businesses and charities.
Neither the employer nor the employee needs to have previously claimed or have been claimed for under CJRS to make a claim under the extended CJRS.
Claims for furlough days in February 2021 must be made by 15 March 2021.
You can no longer submit claims for claim periods ending on or before 31 October 2020.
- The JRS has been extended until September 2021
- HMRC will reimburse 80% of “furloughed” workers wage costs up to £2.5K pcm
- Flexible furloughing will be allowed in addition to full-time furloughing
- Employers will continue to be asked to cover National Insurance and Employer pension contributions for hours not worked.
- From July an employer contribution to wages for hours not worked with employers asked to contribute:
- 10% in July
- 20% in August and September
Further details of the extended support can be found here.
Details on how to claim can be found here.
Statutory Sick Pay Rebate Scheme Employers with < 250 employees Claim back up to 2 weeks’ SSP per eligible employee Employers can claim rebates online. For more information click and to apply go HERE. Self Employment Support Self-employed individuals with trading profits up to £50k with more than half their income coming from self-employment, who are experiencing reduced demand or cannot trade because of coronavirus.
You must also have traded in both tax years:
- 2019 to 2020 and submitted your tax return by 2 March 2021
You do not have to have to have claimed the previous grants to use the scheme.
The SEISS has been extended until September and will now include those who submitted 2019/20 tax returns.
- SEISS 4 - Feb to April worth 80% of trading profits
- SEISS 5 (open from July) - May to Sep worth 80% of trading profit if turnover has been affected by 30% or more, otherwise 30% of trading profit
More info can be found HERE.
Further support for the self employed can be found HERE.