Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme has been extended until 31st April, 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 - Closed
The Local Restrictions Support Grant (LRSG) supports businesses that were open as usual, providing services in person to customers from their business premises, but were forced to close between 5 November and 2 December 2020 due to the national restrictions .
Businesses that have been required to close due to national restrictions imposed by government as of 5 January 2021 may be eligible for a one-off grant of up to £9,0000.
The Local Restrictions Support Grant - Open
Businesses that have not had to close but which have been severely impacted due to local Tier 2 or Tier 3 restrictions may be eligible for LRSG (Open).
Eligible businesses may be entitled to a cash grant from their local council for each 14 day period under local restrictions.
Additional Restrictions Grant
The Additional Restrictions Grant (ARG) provides local councils with grant funding to support closed businesses that do not directly pay business rates as well as businesses that do not have to close but which are impacted. In addition, larger grants can be given than those made through LRSG (Closed).
Local councils can determine which businesses to target and determine the amount of funding from the ARG.
Christmas support for wet-led pubs
The Christmas Support Payment for wet-led pubs supports pubs that predominantly serve alcohol rather than provide food and have been severely impacted over the festive season due to temporary local restrictions.
Eligible businesses may be entitled to a one-off cash grant of £1,000 from their local council in areas under Tier 2 or Tier 3 local restrictions.
Click here for more.
New lockdown grant
A one-off top up grant for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring.
A further £594 million discretionary fund also made available to support other impacted businesses