Business support and grants update
Local Restrictions Support Grant
If you have been forced to close from 5 November you will be eligible for a Local Restrictions Support Grant. This will be payable to the Ratepayer for the property your business is based in.
If you have a Rateable Value of up to £15k you will receive £1334 for the four week period of forced closure.
If you have a Rateable Value of between £15k and £51k you will receive £2000 for the 4 weeks period.
If you have a Rateable Value of £51k or over you will receive £3000 for the 4 weeks period.
This will be paid by your local authority but you will need to apply. Some local councils do have details on their websites so please do check there.
This grant is per property so if you have more than one building in the rates system you will receive a grant for each.
Additional Restrictions Grant
If you have been severely impacted by the pandemic, but aren’t eligible for the grant above, you will be able to apply for grant support from this fund. The amounts available for businesses are still being finalised. These will also be distributed from local councils. These are again being targeted at businesses with property related costs, but we are pushing councils to be flexible here. Councils will have more information and the application process on their websites when schemes are firmed up.
Grants for restrictions prior to 5 November
If you are in an area where you were classed as either Tier 2 or Tier 3 prior to the national restrictions there will also be grants available to cover these earlier periods but only for businesses in certain sectors. Businesses in the retail, hospitality, and leisure sectors which suffered from reduced demand due to restrictions on socialising introduced between 1 August and 5 November, will receive up to £2,100 per month to cover the period during which they were subject to these restrictions. Once again these will be administered by local councils.
Furlough extended at 80% until end of March
This is a flexible system so staff can be part-furloughed and just work the days where there is work for them to do, this also includes Directors who can furlough themselves against PAYE earnings. This continues to be run through HMRC and staff can be brought in and out of furlough as the business needs, though there are rules around this so that it is not abused.
Job Retention Bonus shelved
Employees who had been furloughed earlier in the year would have seen their employer eligible for £1k per retained employee to be paid in Feb 2021 under the original plans, however this will now not happen and a revised scheme to incentivise staff retention will be announced at a later date.
Self-Employed scheme term is extended
The Self Employment scheme will be extended and will cover November to January at 80% of trading profits. There will also be a fourth grant to cover Feb-April 2021, but the decision on what % this will be at has not yet been taken. Previous exemptions to this scheme still apply unfortunately, though FSB is working up a new proposal to take to Government to support those excluded, specifically Company Directors and the newly self-employed.
Bounceback Loan extensions
If you haven’t taken this loan yet you now have until the end of January to apply, there are potential delays in the system though so we advise approaching your bank as soon as possible. You can also extend your loan if you didn’t take the full amount you were entitled to. You can only do this once and we understand that this would be through an application to extend the terms and amount with your current Bounceback loan provider.