May/June Issue 61 - Flipbook - Page 22
NEWS
FIND CORONAVIRUS FINANCIAL SUPPORT
FOR YOUR BUSINESS
Coronavirus (COVID19) support is available
to employers and the self-employed,
including sole traders and limited company
directors. You may be eligible for loans, tax
relief and cash grants, whether your business
is open or closed.
A list of financial support measures for
businesses during coronavirus is listed
below:
Support you may be entitled to
Coronavirus Job Retention Scheme
If you’ve had to ask your employees to stop
working or work less because of coronavirus (put
them on ‘furlough’) you can get support to pay
their wages for the hours they do not work.
The government will pay 80% of employees’
usual wages for hours they do not work, up to a
maximum of £2,500 per month.
February 2020
Claim back Statutory Sick Pay paid to employees
because of coronavirus
Coronavirus Business Interruption Loan
Scheme
You can get loans and other kinds of finance
of up to £5 million for small or medium-sized
enterprises or if you’re self-employed.
You’re eligible for this scheme if both the
following apply to your business:
· it’s based in the UK
· it has a turnover of £45 million or less per
year
You also need to show your business:
The scheme is open until 30 April 2021.
· would be considered viable by a lender, if not
for the current pandemic
· has been negatively affected by coronavirus
You must submit your claim by:
The scheme is open until 31 January 2021.
· 14 January 2021, for eligible employees
on furlough in December 2020
Find out how to apply for the Coronavirus
Business Interruption Loan Scheme
· 15 February 2021, for eligible employees
on furlough in January 2021
Coronavirus Bounce Back Loan
· 15 March 2021, for eligible employees on
furlough in February 2021
· 14 April 2021, for eligible employees on
furlough in March 2021
· 14 May 2021, for eligible employees on
furlough in April 2021
You can no longer submit claims for eligible
employees in November.
Check if your employees are eligible for the
Coronavirus Job Retention Scheme
Deferring VAT
If you’re a UK VAT registered business and had
a VAT payment due between 20 March 2020 and
30 June 2020, you can defer payment until 31
March 2021.
Check if you are eligible to defer your VAT
payment
Statutory Sick Pay rebate
You can reclaim Statutory Sick Pay you’ve paid
for employees who are off sick, self isolating or
shielding because of coronavirus. This scheme
will cover up to 2 weeks of SSP for every eligible
employee.
You’re eligible if both of the following apply to
your business:
· it’s based in the UK
· it has had fewer than 250 employees since 28
22
You might be able to borrow between £2,000 and
£50,000 for a small or medium-sized enterprise,
or if you’re self employed.
The government will guarantee 100% of the loan
and for the first 12 months you will not have to
pay any fees or interest, or make repayments.
If you already have a Bounce Back Loan but
borrowed less than you were entitled to, you
can top up your existing loan to your maximum
amount. You must apply for the top-up by 31
January 2021.
You’re eligible for this scheme if your business:
· is based in the UK
· was established before 1 March 2020
· has been negatively affected by coronavirus
The scheme is open until 31 January 2021.
Find out how to apply for a Coronavirus Bounce
Back loan
Support for businesses paying tax: Time To
Pay Service
If you cannot pay your tax bill on time because of
coronavirus, you may be able to delay it without
penalty using HMRC’s Time to Pay service.
You might be eligible if your UK business:
· pays tax to the UK government
· has outstanding tax liabilities
Find out what to do if you cannot pay your tax bill
on time
Support to create job placements: Kickstart
Scheme
The Kickstart Scheme gives you financial support
to create new 6-month job placements for young
people who are currently on Universal Credit and
at risk of long-term unemployment. The scheme
is open to all organisations.
It pays:
· 100% of the relevant National Minimum Wage
for 25 hours a week
· employer National Insurance
· minimum automatic pension enrolment
contributions
· £1,500 per job placement for setup costs,
support and training
Each application is for a minimum of 30
job placements. You can partner with other
organisations if you have fewer than 30.
Check if you can apply for a Kickstart Grant
Grants available from your local council
You might be eligible for grants from your council.
There are schemes for businesses that were
closed by law and schemes for businesses that
stayed open.
Local Restrictions Support Grant (Open)
You might be able to get a grant from your local
council if your business stayed open between 1
August and 5 November 2020 in a ‘high’ (tier 2)
or ‘very high’ (tier 3) local alert level. Check with
your council if you do not know what alert level
your area was in. You’ll need to demonstrate to
the council that your business was negatively
affected by coronavirus.
How much you get is decided by your council
and will be based on the rateable value of your
property.
Check if your open business is eligible for the
coronavirus Local Restrictions Support Grant
Additional Restrictions Grant
You might be able to get this grant from your
local council if your business has been negatively
affected by coronavirus. Your local council will
decide which businesses are eligible and how
much they are entitled to. Examples of what
makes a business eligible could include:
· you do not pay business rates and your
business was closed by law
· you supply an industry that had to close
because of coronavirus, for example the retail,
hospitality or leisure sector
· your business is in the events sector
Find out more about the coronavirus Additional
Restrictions Grant
You may be eligible for more than one scheme,
whether your business is open or closed.
All information on support for businesses.
