Continuing Coronavirus support for businesses

We’ve been here before… but hopefully we’ve learnt plenty from the first lockdown to keep focussed and get through this one intact. Everyone is affected by lockdown in one way or another, and it’s crucial you understand what help you’re entitled to. So, what support is out there?

Extended Furlough (CJRS) scheme

· Furloughed employees will receive 80% of their current salary for hours not worked, up to a maximum of £2,500 until March 2021.

· As an employer, you’re only required to cover National Insurance and employer pension contributions – making it more generous than it was in October.

· To be eligible, employees must have been on your PAYE payroll on 30 October 2020. You must have a real time information (RTI) submission to HMRC notifying payment for that employee has been made on or before 30th October.

· Employees can be on any type of contract and you can also choose to top up employee wages if you wish (and can afford to).

· You will need to agree full furlough or flexible furlough arrangements with employees in accordance with employment law and their contracts of employment.

 

Self-Employment Income Support Scheme (SEISS)

· This has been increased to 80% for the next self-employed income support grant (reflecting the changes made to the furlough scheme).

· If you’re self-employed, you’ll now receive 80% of your average trading profits for November, December and January.

· Payments will be made quickly, with the claims window being brought forward two weeks to November 30th.

· The maximum grant will increase to a maximum of £7,500.

· To be eligible for this you must:

 Have qualified for the previous SEISS grants, irrespective of whether you applied for them or not.

  Be able to declare you will continue trading by actively trading, but with a reduced demand, or you’re temporarily unable to trade due to Coronavirus.

 

Business Grants

· If your business is required to close due to either national or local lockdown you will eligible for a grant from your local council.

· For business properties with a rateable value of £15k or under, your grant will be £1,334 per month, or £667 per two weeks.

· For business properties with a rateable value from £15k-£51k, your grant will be £2,000 per month, or £1,000 per two weeks.

· For business properties with a rateable value of £51k or over, your grant will be £3,000 per month, or £1,500 per two weeks.

 

Government-backed Loan Schemes

· The loan application window for the Bounce Back Loan, Coronavirus Business Interruption Loan, Coronavirus Large Business Interruption Loan, and Future Fund schemes has been delayed from 30 November to 31st January.

· Ensure you start your application as soon as possible so you’ve sufficient time to prepare and submit the information required for the application. If we’re your accountant, we’ll be able to help you gather some of this information.

 

If you have any questions about anything, please don’t hesitate to ask us on 01482 772261.

In fact, if you want to call and chat to someone about anything regarding your business, then do. We’re happy to listen, be your sounding board and support you.

Take care and stay safe.

The Kaizen Team

 P.s. As information is being updated daily, we’ll keep you updated with significant changes.

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Kaizen Group
@ The Business Hub
Active+
Harpings Road
Hull
HU5 4JF

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