The Chancellor has announced new funding to be made available to businesses in the retail, hospitality and leisure sectors. With the latest lockdown now underway, these new grants are aimed at keeping businesses afloat until Spring.
The Treasury has said grants are worth up to the amount of £9,000 per property. Outside of these sectors, a further £594m will be made available to affected firms.
The overall package of measures is to be worth £4.6bn. Mr Sunak has said:
“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
With the Coronavirus Job Retention Scheme now running until 30 April 2021, many jobs will be saved throughout the latest lockdown. The Government are paying 80% of wages up to a maximum of £2,500 a month, with the option for employers to top up the last 20%.
Claims can be made for employees who were employed on 30 October 2020, as long as you have made a PAYE RTI submission to HMRC between the 20 March 2020 and 30 October 2020, notifying a payment of earnings for that employee.
If you’ve already worked out how much you can claim, you can claim for wages online through the Coronavirus Job Retention Scheme.
Some properties are eligible for discounts from their local council on their business rates. Qualifying leisure, hospitality and retail businesses can apply before the end of the 2020/21 tax year.
Your business might be eligible if it is one of the following:
*The majority of those eligible for rates relief will have already been notified in 2020 but if you believe you are entitled, it could be worth calling your local council.
The third grant in the SEISS is open to applications until 29 January 2021. Full details can be found in our post about the third grant. The fourth grant will be available from the middle of February, keep a lookout for further information.
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus.
The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. You can find more information on CBILS on the Government website.
Bounce Back Loans were designed to help small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
Find out more about Bounce Back Loans on the Government website.
Both the CBILS and Bounce Back Loan schemes are open to applications until the extended closing date of 31st march 2021.
We are no strangers to coronavirus funding at this point. Having processed over 1000 furlough claims throughout 2020 with more to come, alongside self-employment income support and more, you can be sure that we can advise you based on plenty of experience.
Our clients are our priority. If you need any advice on the new grants made available or any other type of coronavirus support, get in touch now. You will also find support resources at our COVID-19 Resource Centre.