5 Additional COVID19 Financial Support for Businesses

Micro, small, medium and large businesses need all the support they can get in these really trying times for business. This includes the self-employed, employees and those working in the gig economy. Below is a summary of the additional measures the Government announced on the 5th of November 2020 by the Chancellor.
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1. Grants for businesses closed by lockdown Businesses required to close in England due to local or national restrictions will be eligible for the following:
For properties with a rateable value of £15,000 or under, grants to be £1,334 per month, or £667 per two weeks
For properties with a rateable value of between £15,000-£51,000 grants to be £2,000 per month, or £1,000 per two weeks
For properties with a rateable value of £51,000 or over grants to be £3,000 per month, or £1,500 per two weeks. Follow this link for more details on this.

2. Self-Employment Income Support Scheme grant extension You will be eligible for this if: (a) You have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants) (b) You declare that you intend to continue to trade (c) You are currently actively trading but are impacted by reduced demand due to coronavirus (d) were previously trading but are temporarily unable to do so due to coronavirus. Please follow this link for more information.

3. Furlough scheme extended Chancellor Rishi Sunak announced that as part of the new national lockdown the Coronavirus Job Retention Scheme (CJRS) has been extended until the end of March 2021. Employers small or large, charitable or non-profit, are eligible for the extended Job Retention Scheme.
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The Coronavirus Job Retention Scheme had been extended for a month is now extended to the end March 2021 with employees receiving 80% of their current salary for hours not worked and further economic support. Click here for full details of this

4. Taxpayers claim tax relief for working from home Launched on 1 October 2020, the online portal has been set up to process tax relief on additional expenses for employed workers who have been told to work from home by their employer to help stop the spread of COVID-19. You can click here to see if you are eligible for this

5. Additional financial support available:

• cash grants of up to £3,000 per month for businesses which are closed worth more than £1 billion every month
• £1.1 billion is being given to Local Authorities, distributed on the basis of £20 per head, for one-off payments to enable them to support businesses more broadly
• plans to extend existing government-backed loan schemes and the Future Fund to the end of January, and an ability to top-up Bounce Back Loans
• an extension to the mortgage payment holiday for homeowners
• up to £500 million of funding for councils to support the local public health response.

Please click here for more information on this.
 
For more details on any of these click on any of the links above.

If you want some help for your company with regards to the above or you just want someone with the required knowledge and experience in business to guide you on other related matters, please connect with our business advisers at RBSS Consulting Ltd in Romford on 0333 355 1696 or direct on 07796 800 187 or drop us an email. We provide real business solutions for start-ups and existing micro and small businesses in east London and Essex.

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