Please keep checking this page for further updates.
New Lockdown Grants Announced
The Council has received notification of financial support that we will be able to support local businesses with through the difficult weeks ahead.
Businesses closed or seriously affected by the Lockdown measures from 5 November will be entitled to claim grants from the Council to help to compensate for their lost income over the four week period.
An online application will be required. View the form and instructions.
Businesses forced to close on 5 November can claim a Local Restriction Support Grant (Closed) as follows:
- Properties with a rateable value of £15k or under, grants of £1,334 per four weeks;
- Properties with a rateable value of over £15k and below £51k, grants of £2,000 per four weeks;
- Properties with a rateable value of £51k or over, grants of £3,000 per four weeks.
Other businesses severely restricted will be able to apply for an Additional Restrictions Grant.
Businesses forced to close since March (such as nightclubs) will be able to claim a Local Restriction Support Grant (Sector) of £3,000 per four weeks from 1 November.
The Council's Policy for the initial distribution of funds - Local Restrictions Grant Policy (pdf 276kb) - this Policy initially covers the urgent need to support businesses that have been mandated to close from 5 November and will be updated in the coming weeks to support as many businesses as possible.
For Coronavirus restrictions in your local area and how this affects your business visit: Find Coronavirus local restrictions - Gov.uk
There are 14 guides here that cover a range of different types of work. Many businesses operate more than one type of workplace, such as an office, factory and a fleet of vehicles. You may need to use more than one of these guides as you think through what you need to do to keep people safe. Working safely during Coronavirus (Covid-19) - Gov.uk
The CJRS (also known as the furlough scheme) will remain open until 31 March 2021. For claim periods running to January 2021, employees will receive 80% of their usual salary for hours not worked, up to a maximum of £2,500 per month. The £2,500 cap is proportional to the hours not worked.
The government will review the policy in January to decide whether economic circumstances are improving enough to ask employers to contribute more.
Claims can be made by employers across the UK that meet the eligibility criteria.
Information can be found on www.gov.uk
- eligibility criteria for employers and employees
- what employers will need in order to claim
- updated information on reference data to calculate those claims
Self-employment Income Support Scheme (SEISS) Extension
The Self-Employment Income Support Scheme Grant Extension provides critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
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
The Kickstart Scheme provides funding to employers to create new 6-month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment.
Funding will cover for each job placement:
- 100% of the relevant National Minimum Wage for 25 hours a week
- the associated employer National Insurance contributions
- employer minimum automatic enrolment contributions
- There will also be extra funding to support young people to build their experience and help them move into sustained employment after they have completed their Kickstart Scheme funded job.
If you are an employer looking to create job placements for young people, check if you can apply for funding as part of the Kickstart Scheme - Gov.uk Website.
Bounce Back Loan
The scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. As part of the Winter Economy Plan the government is extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses.
Applications for Coronavirus Bounce Back Loan - Gov.uk Website.
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme, has been significantly expanded along with changes to the scheme’s features and eligibility criteria. Importantly, access to the scheme has been opened up to those smaller businesses who would have previously met the requirements for a commercial facility but would not have been eligible for CBILS. Insufficient security is no longer a condition to access the scheme from Monday 6 April. Coronavirus Business Interruption Loan Scheme lenders the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan.
Applications for Coronavirus Business Interruption Loan Scheme - Gov.uk Website.
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
CLBILS has provided more than 566 facilities worth over £3.8 billion to eligible UK-based businesses with turnover above £45 million. The scheme provides loans of up to £200 million (to a maximum of 25% of turnover), with an 80% government guarantee to the lender, which is more generous than equivalent schemes in many other countries.
Applications for Coronavirus Large Business Interruption Loan Scheme - Gov.uk Website.
Extending the temporary VAT reduced rate for hospitality and tourism
To continue supporting the cashflow and viability of over 150,000 UK businesses the government is extending the temporary reduced rate of VAT (5%) from 12 January to 31 March 2021. This will continue to apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises, supplies of accommodation and admission to attractions across the UK.
The following links will provide information relating to how your business can access HM Government support:
- Find Coronavirus financial support - Gov.uk
- Tax helpline to support businesses affected by Coronavirus - Gov.uk
If you are a Borough based business and have not qualified for Small Business Rate Relief or any associated Government grants and are looking for financial assistance please refer to our Financial Advice webpage.