Covid Support Guide
Latest covid updates
– The government have introduced a new package of one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property, find a break down of what you could recieve below.
– A £594 million discretionary fund also made available to support other impacted businesses.
– For more information on the latest government support click below.
Rateable value – £15,000 or under
Amount recieved – £4,000
Rateable value – £15,001 and £51,000
Amount recieved – £6,000
Rateable value – £51,000 and over
Amount recieved – £9,000
Government Support Tool
The government have designed a simple tool for business and the self-employeed to find available support depending on your circumstances.
Employee & Self Employment Support
Scheme | Eligibility | Details |
| Coranavirus Job Rention Scheme | All UK businesses and charities. Neither the employer nor the employee needs to have previously claimed or have been claimed for under CJRS to make a claim under the extended CJRS. Employees that were employed and on the payroll on 23 September 2020 who were made redundant or stopped working afterwards can be re-employed and claimed for. The employer must have made an RTI submission to HMRC from 20 March 2020 to 23 September 2020, notifying a payment of earnings for those employees. | – The JRS has been extended until March 2021 – HMRC will reimburse 80% of “furloughed” workers wage costs up to £2.5K pcm – Flexible furloughing will be allowed in addition to full-time furloughing – There will be no employer contribution to wages for hours not worked. Employers will only be asked to cover National Insurance and Employer pension contributions for hours not worked. |
| Self Employment Support | Self-employed individuals with trading profits up to £50k with more than half their income coming from self-employment, who are experiencing reduced demand or cannot trade because of coronavirus. You do not have to have to have claimed the previous grants to use the scheme. | This provides critical support to the self-employed in the form of two grants: – Grant 1 – November 2020 to January 2021 A taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. – Grant 2 – February 2021 to April 2021 |
Bounce Back Loan Scheme
| Eligibility | Finance Available | Details |
| Small and medium – sized businesses affected by coronavirus | £2 – £50k | – 12 months interest free with low interest thereafter – 100% of loan is Government backed – Businesses just have been trading healthily at the end of 2019 |
CV Business Interruption Loan Scheme
| Eligibility | Finance Available | Details |
| UK businesses with turnover < £45M | £50 – £5m | – 12 months interest free – 80% of loan is government backed |
Future Fund Convertible
| Eligibility | Finance Available | Details |
| For companies that have raised £250k equity funding in the last 5 years | £125 – £5m | – 8% interest, convertible to equity on the next funding round |
Coronavirus Large Business Interruption Loan Scheme
| Eligibility | Finance Available | Details |
| Uk medium-sized and larger businesses | Up to £25 million for businesses with a turnover from £45m up to £250m Up to to £50m for businesses with a turnover of over £250m Business an borrow up to 25% of turnover , up to a maximum of £200 million | – 8o% of loan backed by government – Commercial rates of interest apply |
Tax Deferrals
Deferring Income Tax for Self-Employed – All Self-Assessment payments due on the 3st of July will be deferred until the 31 January 2021.
Support from local councils
Please find link to all local councils and the support they offer.