COVID-19 update – 26 November – Support available in the new tier system 

With the tier system set to resume, here is a summary of the main support measures available to businesses to help you survive this winter.

Coronavirus Job Retention Scheme

• 80% of employees’ monthly salary covered for hours not worked up to a maximum of £2,500.
• Employers have the flexibility to use this scheme for any amount of time for their employees, furloughing on either a full-time or part-time basis.
• Employers have to cover NI and employer pension contributions but are not required to top-up the amount for hours not worked.

Self-Employment Income Support Scheme

• Extended with 2 more grants covering November 2020 – January 2021 and February 2021 – March 2021.
• The November – January grant will be calculated at 80% of 3 months average trading profits up to a maximum £7,500

Business Rates Relief 

• Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year

National Lockdown Support

• Businesses forced to close can claim a monthly grant of up to £3,000.
• Nightclubs, dance halls and other entertainment venues can claim an additional grant of up to £1,500 for each 14-day period the business is closed.

Local Lockdown Support

• For each 14-day period, your business is forced to close you can claim up to £1,500.
• A monthly grant of up to £2,100 can be claimed by businesses that are not forced to close but have been severely impacted by the local restrictions.
• Businesses in the hospitality, leisure and accommodation sector can get these grants backdated.

Additional Restrictions Grant

• Available where additional funding is needed, but other grant schemes do not cover the business.

Coronavirus Business Interruption Loan Scheme

• Loans of up to £5m available until the end of January 2021 for businesses with an annual turnover of up to £45m
• 80% of the loan is guaranteed by the Government
• Any interest and fees in the first 12 months will be paid by the Government.

Coronavirus Large Business Interruption Loan Scheme

• Loans of up to £200m available until the end of January 2021 for businesses with an annual turnover of more than £45m
• 80% of the loan is guaranteed by the Government

Future Fund

• Convertible loans between £125,000 and £5m offered to innovative companies which are facing financing difficulties
• Available until the end of January 2021

Bounce Back Loan Scheme

• Loans are available until the end of January 2021 between £2,000 and £50,000 up to 25% of turnover.
• 100% guaranteed by the Government with no fees or interest for the first 12 months. 2.5% interest a year after 12 months.
• Top-ups can be applied for if you did not borrow the full amount initially

Kickstart Scheme Grant 

• Funding to create jobs for 16-24-year-olds who are on Universal Credit and at risk of long-term unemployment.
• Covers 100% of the National Minimum Wage or National Living Wage for 25 hours per week for 6 months and NI contributions.
• Applications must be for a minimum of 30 job placements, but it is possible to access funding through an intermediary

Find out what support is available to you here