Grants and Help for Business Available Update

Coronavirus Updates

If your business has been forced to close as a result of new national coronavirus restrictions introduced on 5 November 2020 then you may qualify for grant support funding.

To receive the funding you must have been required to close by law and be registered for Business Rates.

A full list of businesses required to close by law is available on the Government’s website.

Qualifying businesses will receive the following amounts based on the rateable value of your business premises:

• For properties with a rateable value of £15,000 or under, grants to be £1,334 per four weeks.
• For properties with a rateable value of over £15,000 and below £51,000, grants to be £2,000 per four weeks.
• For properties with a rateable value of £51,000 or over grants to be £3,000 per four weeks.

You may receive more than one grant if you have more than one qualifying business.

You will not qualify for funding if:

• You can continue to trade by law but your business has been affected by the restrictions or you have voluntarily decided to close. You may qualify for discretionary funding. We are still clarifying the details of the discretionary funding scheme.
• If you are not registered for Business Rates. You may qualify for discretionary funding. Please keep checking  for further details
• If your business has already received grant payments that equal the maximum levels of State Aid permitted under the de minimis and the Covid-19 Temporary State Aid Framework.

Apply for a Local Restrictions Support Grant

Discretionary Grant Funding – Councils  are being given new funding to help them support businesses that are affected by the restrictions but may not meet the qualifying criteria for the main Local Restrictions Support Grant scheme. Contact ypur local Council who are waiting for further details from the Government.

Business Rates discounts

Discounts on Business Rates were introduced earlier this year for retail, leisure and hospitality businesses, pubs and nurseries. Visit  Business Rates Reliefs pages for more information from your local Council.

Loans and other support

There is a range of other financial support available to help you through this challenging time.

Please read the Government’s guide to financial support for jobs and businesses for more information.

You can also visit the Government’s business support page.

Help for the self-employed

The Government has announced that support for self-employed people will rise to 80 per cent of trading profits during November 2020.

Visit the Government’s business support page for more information.

Government increases support for self-employed across the UK

The government is increasing its support to the self-employed over the coming months and ensuring people get paid faster than previously planned, it was announced today, 2 November.

Published 2 November 2020

From:

HM Treasury

• government increases support under the third instalment of the UK-wide Self-Employment Income Support Scheme, with people receiving 80% of average trading profits for November
• grants will also be paid faster than previously planned – with the claims window opening at the end of November rather than the middle of December
• the increase means £4.5 billion of support for the self-employed between November and January
• more businesses will also be able to benefit from government loan schemes which have been extended to the end of January, while firms can ‘top up’ existing Bounce Back Loans should they need additional finance

To reflect the recent changes to the furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous – with self-employed individuals receiving 80% of their average trading profits for November.

And to ensure those who need support get it as soon as possible, payments will also be made more quickly with the claims window being brought forward from 14 December to 30 November.

The changes will ensure that self-employed individuals who temporarily cannot carry out their business or have suffered reduced demand due to the outbreak are supported over winter.

In addition, more businesses will be able to access additional support as deadlines for applications for government-backed loan schemes and the Future Fund have been further extended until 31 January 2021.

As SEISS grants are calculated over three months, the uplift for November to 80 per cent, along with the 40 per cent level of trading profits for December and January, increases the total level of the third grant to 55 per cent of trading profits. The maximum grant will increase to £5,160.

This provides broadly equivalent support to the self-employed as we are providing to employees through the government contribution in the Coronavirus Job Retention Scheme in November and then the Job Support Scheme in the two subsequent months.

The SEISS continues to be just one element of a comprehensive package of support for the self-employed. In addition to this they can also access other elements of the package which includes Bounce Back Loans, tax deferrals, rental support, mortgage holidays, and other business support grants.

Further information

• to be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:
• 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)
• declare that they intend to continue to trade and either:
• are currently actively trading but are impacted by reduced demand due to coronavirus
• were previously trading but are temporarily unable to do so due to coronavirus
• This follows the CJRS being extended until December. This provides broadly equivalent support to the self-employed as is being provided to employees through the government contribution in the Coronavirus Job Retention Scheme in November and then the Job Support Scheme in the two subsequent months.