05 Jan COVID 19 Update: Additional support available
Following the Prime Minister’s announcement on 4 January 2021 that England is to enter a further national lockdown from 5 January until at least February half term, the Chancellor has announced additional support for businesses that have been forced to close due to the restrictions.
Businesses in the retail, hospitality and leisure sectors will receive a one-off grant of up to £9,000, on a per property basis, to help them through until Spring. The one-off top-ups will be granted to closed businesses as follows:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
These new grants are in addition to the Local Restriction Support Grants already available, and being paid, of up to £3,000 per month.
Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme will continue as previously announced until 30 April 2021. This will continue to enable businesses to claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.
The criteria remains that they must have been employed on 30 October 2020 and you must have made a PAYE RTI submission to HMRC between 20 March 2020 and 30 October 2020, notifying a payment of earnings for that employee.
The scheme continues to be flexible and employers can furlough employees for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked.
Bounce Back Loans and Coronavirus Business Interruption Loans
Both schemes remain open to applications until 31 March 2021.
If you have a Bounce Back Loan but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount, but this request must be made by 31 January 2021.
Self-Employed Income Support Scheme (SEISS)
The third grant through the SEISS is available for those eligible for the first and second grant, whose business had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which it is reasonably believed will result in a significant reduction in profits. The claim for this must be made by 29 January 2021, if you have not done so already, and should be made through the online service as before.
Details of the fourth grant covering February to April 2021 are still to be announced.