SUPPORT SCHEMES YOU CAN NOW APPLY FOR

CORONAVIRUS JOB RETENTION SCHEME

The scheme has been extended to the end of March 2021. Eligible employees will receive 80 per cent of their usual salary for hours not worked, up to £2,500 per month, until the end of January, when the scheme will be reviewed. It’s flexible, so businesses can use it for any amount of time and shift pattern, including furloughing staff full-time. Neither the employer nor the employee needs to have previously claimed, or have been claimed for, under CJRS to make a claim (provided other eligibility criteria are met).

SELF-EMPLOYMENT INCOME SUPPORT SCHEME (SEISS) GRANT EXTENSION

This runs from November 2020 to April 2021. Grants will be paid in two taxable three-month instalments, with an increase to 80 per cent of trading profits covering November to January. It’s based on 80 per cent of three months’ average trading profits, paid out in a single instalment and capped at £7,500. This UK-wide grant will be paid in good time for Christmas.

This is in addition to the more than £13.7billion of support already provided for over 2.6 million self-employed individuals through the first two stages of the SEISS – one of the most generous in the world.

TAX CUTS AND DEFERRALS

A 15 per cent VAT cut for tourism and hospitality to the end of March 2021 and more time to pay deferred VAT and tax bills, with the option to pay in smaller instalments up to the end of March 2022.

PAY AS YOU GROW

Businesses will have more flexibility to pay back Bounce Back Loans (BBL) and repayments for the Coronavirus Business Interruption Loan Scheme can be extended from six to ten years. No repayments are due for the first year and your lender can advise you about extending the term.

EXTENSIONS ON APPLICATIONS FOR LOAN SCHEMES

Applications for the BBL Scheme, CBILS, Future Fund, and Coronavirus Large Business Interruption Loan Scheme are now open to the end of January 2021. Businesses who have borrowed less than their maximum can now top up their existing loan.

OTHER GRANTS AND LOANS

Cash grants of up to £3,000 per month for businesses that are closed in England and backdated grants for areas that were Tier 2 and 3.

£1.1 billion for councils in England to further support businesses more broadly over the coming months.

Extension of existing loan schemes to the end of January and an ability to top up Bounce Back Loans.

Increase the upfront guarantee of funding for the devolved administrations from £14bn to £16bn, on top of their Spring Budget 2020 funding.

More support for the devolved governments in Scotland (an additional £8.2billion), Wales (£5billion) and Northern Ireland (£2.8billion).