The Chancellor has announced one-off top up grants for retail, hospitality and leisure businesses in a bid to help businesses through to the Spring. The grants, provided on a per-property basis, will range from £4,000 for businesses with a rateable value of up to £15,000, to £9,000 for rateable values of over £51,000. A further £594m is being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants that might be affected by the restrictions.
The Government has extended the Coronavirus Job Retention Scheme until the end of April 2021, covering the cost of 80 percent of the wages of furloughed employees for hours not worked. Employers will be asked to cover NICs and pension contributions.
It has also extended the Self-Employed Income Support Scheme until April 2021. The government is now providing a third SEISS grant, covering 80 percent of average trading profits between November and January 2021, capped at £7,500 in total. A fourth grant with also be introduced, to cover February to April, in due course.
Businesses across the UK have until the end of March to access the following schemes:
You cannot apply for the Bounce Back Loan Scheme if you are already claiming through the CBILS or CLBILS. Eligibility criteria is very specific for each of these schemes. If you are unsure which scheme you are eligible for, please do get in touch with the Clayton & Brewill team. We will be happy to advise you on what will be most beneficial to your business.
The Future Fund remains open until the end of January 2021, which issues convertible loans worth between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the pandemic.
Using the Local Restrictions Support Grant, any business in England forced to close due to national or local restrictions can claim grants, via their local authority, of up to £3,000 per month, per business premises, depending on rateable value. Businesses that remain open, but are impacted by local restrictions, can also claim grants worth up to £2,100 a month.
The Trade Credit Reinsurance Scheme that ensures trade credit insurance coverage and credit limits are maintained during the coronavirus pandemic to help businesses to trade with confidence has been extended to June 2021.