Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme has been extended until December, with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500.
The Job Support Scheme, which was due to start on 1 November 2020, has been postponed.
Deferring of VAT and Tax payments
The VAT payment deferral period ended on 30 June 2020.
Any VAT payments deferred between 20 March and 30 June should be paid in full on or before 31 March 2021. You can make additional payments with subsequent returns.
In response to those having to self-isolate, the Government introduced a statutory sick pay scheme.
Employers can claim back up to 2 weeks of SSP if:
- you have already paid your employee’s sick pay
- you’re claiming for an employee who’s eligible for sick pay due to Coronavirus
- you have a PAYE payroll scheme that was created and started on or before 28 February 2020
- you had fewer than 250 employees on 28 February 2020 across all your PAYE payroll schemes
Business rates holiday for retail, hospitality and leisure businesses
A business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. Your Local Authority will be responsible for applying this.
Coronavirus Future Fund
Coronavirus Future Fund will issue convertible loans between £125,000 to £5 million to innovative companies facing financing difficulties due to Coronavirus.
Coronavirus Bounce Back Loan Scheme
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the Coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
The Local Restrictions Support Grant
The Local Restrictions Support Grant (LRSG) supports businesses that were open as usual, providing services in person to customers from their business premises, but are now forced to close.
- For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
- For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
- For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.
For more info on this, click here.
Local Authority Support
£1.1bn is being given to Local
Authorities, for one-off payments to enable them to support
businesses more broadly.
For more information on funding to support your business visit the GOV.UK page here.