Updated Business Support Following the Second Lockdown
10.11.20 NEWS
Following the second lockdown, we have put together an updated version or business support that is available to you.
Following the second lockdown, we have put together an updated version or business support that is available to you.
The job retention scheme has been extended, until the end of March 2021. Having been put in place to help get businesses back on their feet post lockdown. The furlough scheme was due to end on the 2nd of December, the government looked back at the time it took to get businesses back on their feet last time after lockdown and have decided the extend this until the end of March. Furlough will be available to employees during this they will be entitled to 80% of their salary, for hours not worked, up to a cap of £2500 per month. During this time employees can do part furlough and be paid for those hours in full.
As an employer, you would be expected to only pay the employee’s national insurance and pension contributions - this will be reviewed in January. Employees can benefit from Furlough if they have been paid on or before 30.10.2020. Furlough is available to use for a range of reasons, from health conditions, the business closed, or for parents when schools are closed. In the meantime, this will mean that the Job Retention Bonus will not be paid in February.
In line with the furlough scheme, self-employed grants have been increased to 80% of profits, up to £7500, this will run November to January and will be available to apply for at the end of November. There will be another further grant that will run February to April - more details of this will be released in due course.
The government plans to extend the government-backed loan scheme. The coronavirus business interruption loan scheme and the large coronavirus scheme, have both been extended until the 31st of January 2021. Bounceback loans are also being open to top-up if needed.
Lastly, the cash grants of £3000 are going to be made available to all businesses that need to close.
For more information or to apply, please look at the following links.
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/
