fbpx

Coronavirus (COVID-19) support is available to businesses

  • Loans, tax relief and cash grants are available
  • Employers can apply for staff to get up to 80% pay if they can’t work
  • Self-employed people can receive up to £2,500 per month in grants for at least 3 months

Coronavirus Job Retention Scheme

Claim for wages through the Coronavirus Job Retention Scheme
30 November 2020 is the last day you can submit claims for periods ending on or before 31 October 2020. After this date you will not be able to submit any further claims or add to existing claims.
If you cannot maintain your workforce because your operations have been affected by coronavirus (COVID-19), you can furlough employees and apply for a grant to cover a portion of their usual monthly wage costs where you record them as being on furlough.
Employers can bring furloughed employees back to work for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked. Only employees that you have successfully claimed a previous grant for will be eligible for more grants under the scheme.
From 1 August 2020, you will be asked to contribute towards the cost of your furloughed employees’ wages.
You can now only claim if you have previously furloughed your employee before 30 June 2020 and you have submitted a claim for this by 31 July 2020. This may differ if you have an employee returning from statutory parental leave.
Maximum number of employees you can claim for
The amount you can claim for in any single claim period starting from 1 July 2020 cannot exceed the maximum number of employees you claimed for under any claim ending by 30 June 2020.

Job Retention Bonus

You cannot claim the Job Retention Bonus until 15 February 2021. This guidance will be updated by the end of January 2021 with how to access the online claim service on GOV.UK.
You can claim the bonus if you’re an employer who has furloughed employees and made an eligible claim for them through the Coronavirus Job Retention Scheme. Your employee must have been eligible for the Coronavirus Job Retention Scheme grant for you to be eligible for the bonus.
You can still claim the bonus if you make a claim for that employee through the Job Support Scheme.
If you have repaid Coronavirus Job Retention Scheme grant amounts to HMRC
You cannot claim the bonus for any employees that you have not paid using the Coronavirus Job Retention Scheme grant because you have repaid all the grant amounts you claimed for them
You can claim for employees that:
  • you made an eligible claim for under the Coronavirus Job Retention Scheme
  • you kept continuously employed from the end of the claim period of your last Coronavirus Job Retention Scheme claim for them, until 31 January 2021
  • are not serving a contractual or statutory notice period for you on 31 January 2021 (this includes people serving notice of retirement)
  • you paid enough an amount in each relevant tax month and enough to meet the Job Retention Bonus minimum income threshold

Deferral of VAT payments due to coronavirus (COVID-19)

On 24 September 2020, the Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period.
Instead of paying the full amount by the end of March 2021, you can make smaller payments up to the end of March 2022, interest free.
You will need to opt-in to the scheme, and for those who do, this means that your VAT liabilities due between 20 March and 30 June 2020 do not need to be paid in full until the end of March 2022.
Those that can pay their deferred VAT can still do so by 31 March 2021.
Retail, hospitality or leisure business rates relief due to coronavirus (COVID-19)
 
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.
You’re eligible if your property is a:
  • shop
  • restaurant, café, bar or pub
  • cinema or live music venue
  • assembly or leisure property – for example, a sports club, a gym or a spa
  • hospitality property – for example, a hotel, a guest house or self-catering accommodation

Self-Employment Income Support Scheme

If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) you maybe able to access a scheme to claim a grant.
The scheme allowed you to claim a first taxable grant. Applications for the first grant closed on 13 July 2020.
The second taxable grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total.
Applications for the second grant are now open. Make your claim from the date we give you. If you’re eligible and your business has been adversely affected on or after 14 July 2020, you must make your claim for the second grant on or before 19 October 2020.

Kickstart Scheme

The Kickstart Scheme provides funding to create new job placements for 16 to 24 year olds on Universal Credit who are at risk of long term unemployment. Employers of all sizes can apply for funding which covers:
100% of the National Minimum Wage (or the National Living Wage depending on the age of the participant) for 25 hours per week for a total of 6 months
associated employer National Insurance contributions
employer minimum automatic enrolment contributions
Employers can spread the start date of the job placements up until the end of December 2021.
A Kickstart Scheme application must be for a minimum of 30 job placements. If a single employer cannot provide this many job placements, they can find an existing Kickstart gateway, such as a local authority, charity or trade body for help applying.
Further funding is available for training and support so that young people on the scheme can get a job in the future.

Skills Support for the Workforce (SSW)

Skills Support for the Workforce (SSW) is a programme developed to upskill employees within small and medium-sized businesses.
We provide recognised accredited qualifications and bespoke training courses to enhance your employees’ skills, increase the competitiveness of your business and boost the local economy
We can work with you to develop a bespoke training programme relevant to your needs, and because this programme is co-financed by the European Social Fund (ESF) and the Education and Skills Funding Agency (ESFA) a wide range of training can be accessed at no cost to your business.
Skills Support for the Workforce is all about progress. We can help you progress your career, education and business.

Coronavirus Business Interruption Loan Scheme

The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million.
The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months.
You can apply for a loan if your business:
  • is based in the UK
  • has an annual turnover of up to £45 million
You need to show that your business:
  • would be viable were it not for the pandemic
  • has been adversely impacted by the coronavirus
If you want to borrow £30,000 or more, you also need to confirm that your business wasn’t classed as a business in difficulty on 31 December 2019.

The Coronavirus Future Fund

This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.
The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.
The scheme is open for applications until the end of September 2020.

Coronavirus Bounce Back Loan

The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak.
The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
You can apply for a loan if your business:
  • is based in the UK
  • was established before 1 March 2020
  • has been adversely impacted by the coronavirus
If your business was classed as a business in difficulty on 31 December 2019 you’ll need to confirm that you’re complying with additional state aid restrictions.

Coronavirus Large Business Interruption Loan Scheme

The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides financial support to larger businesses affected by coronavirus (COVID-19).
The scheme helps medium and large sized businesses to access loans and other kinds of finance up to £200 million.
The government guarantees 80% of the finance to the lender.
You can apply for a loan if your business:
  • is based in the UK
  • has an annual turnover of over £45 million
  • has not received support under the Bank of England’s COVID-19 Corporate Financing Facility (CCFF)
You need to show that:
  • your business would be viable were it not for the pandemic
  • your business has been affected by coronavirus
  • the loan will enable you to trade out of any short-term to medium-term difficulty resulting from coronavirus
If you’re borrowing more than £50 million you must agree to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan.

COVID-19 Corporate Financing Facility

This scheme helps large businesses affected by coronavirus (COVID-19) through the purchase of their short-term debt.
Under the COVID-19 Corporate Financing Facility (CCFF), the Bank of England will buy short-term debt from large companies.
This scheme will support your company if it’s been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities.
It will also support corporate finance markets overall and ease the supply of credit to all firms.
The scheme is delivered through commercial lenders, backed by the Bank of England. 
It will operate for at least 12 months, and for as long as steps are needed to relieve cash flow pressures on firms that make a material contribution to the UK economy.
Companies – and their finance subsidiaries – that make a material contribution to the UK economy are able to participate.

Greater London Authority (GLA)

The Greater London Authority (GLA) is the regional government for Greater London. GLA consists of a Mayor of London and an elected London Assembly which has scrutiny powers.
GLA was established in 2000 and derives most of its powers from the Greater London Authority Act 1999 and the Greater London Authority Act 2007.
GLA has powers over transport, policing, economic development, fire and emergency planning. GLA shares some powers with the 32 London Boroughs and City Corporation.
GLA’s total annual revenue budget is £12 billion and its total annual capital budget is £4 billion.
In relative terms, the adult education budget that GLA will manage from 2019-20 is relatively small even though it will be the largest share of the national AEB of the 7 devolved budgets at around £300 million a year.
GLA covers an area of 610 square miles and a population of 8.5 million.

Coronavirus Local Restrictions Support Grant

The Local Restrictions Support Grant (LRSG) supports businesses that have been required to close due to temporary COVID-19 local lockdown restrictions imposed by the government.
The Local Restrictions Support Grant (LRSG) supports businesses that were open as usual, providing services in person to customers from their business premises, but which were then required to close for at least 3 weeks due to local lockdown restrictions imposed by government.
It is for businesses that pay business rates on their premises. Local councils may at their discretion also provide funding for businesses that don’t pay business rates.
Your business may be eligible if it:
  • occupies property on which it pays business rates
  • is in a local lockdown area and has been required to close because of the formal publication of local restrictions guidance that resulted in a first full day of closure on or after 9 September. This funding is not retrospective
  • has been required to close for at least 3 weeks because of the lockdown
  • has been unable to provide its usual in-person customer service from its premises
For example this could include non-essential retail, personal services or cafes/restaurants that operate primarily as an in-person venue, but which have been forced to close those services and provide a takeaway-only service instead.
Eligible businesses will get one grant for each property liable for business rates within the lockdown zone.
Businesses that are required to close but do not pay business rates may be eligible for funding at the discretion of the local council, as may businesses not required to close but which are severely impacted.

Traineeship

A traineeship is a skills development programme that includes a work placement. It can last from 6 weeks up to 1 year, though most traineeships last for less than 6 months.
A new payment of £1,000.00 per trainee will be for employers in England that provide high quality work placements for 16-24 year olds (limited to 10 trainees per employer)*

Apprenticeship

Anyone can start an apprenticeship whether they’re starting acareer, want a change or upskilling their current job.
In addition to the existing £1,000.00 incentive for new apprentices aged 16-18 and those aged under 25 with an Education Health & Care Plan (EHCP).
A new payment of £2,000.00 for employers in England for each new apprentice hired under the age of 25 between the 1st of August 2020 and the 31st of January 2021.*
A new payment of £1,500.00 for employers in England for each new apprentice hired over the age of 25 between the 1st of August 2020 and the 31st of January 2021.*