JOB SUPPORT SCHEME
The scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19. The Job Support Scheme commences on 1 November 2020 and will run for 6 months to 30 April 2021.
OTHER SUPPORT FOR BUSINESSES
- SEISS – Self-Employment Income Support Scheme: A UK Government grant for self-employed individuals. It comprises two grants. Applications for the second grant will open on 17 August and will be worth 70% of average monthly trading profits.
- CJRS – Coronavirus Job Retention Scheme: The scheme ends in October and a one-off ‘Job Retention Bonus’ of £1,000 to UK employers has been announced. ‘Flexible furlough’ was introduced from 1 July.
BUSINESS LOAN SCHEMES
- CBILS – Coronavirus Business Interruption Loan Scheme: Launched by the British Business Bank to provide financial support to smaller businesses (SMEs), the scheme is operated via over 90 accredited lenders. It provides finance of up to £5 million, for up to 6 years. No interest will be charged for the first 12 months via a Business Interruption Payment.
- BBLS – Bounce Back Loan Scheme: For SMEs, micro businesses and other businesses requiring loans between £2,000 and £50,000. The term loan is repaid over six years with no setup fees and no interest to pay for the first 12 months.
Further details from the British Business Bank can be found on the link below.
WORKING THROUGH THE PANDEMIC
- I’m suffering with anxiety, what support services can I access? Many employee benefits packages will include mental health and wellbeing resources where you can access counselling for anxiety and stress.
- What support is available to help improve my health during the pandemic? Many employer private medical insurance packages include services and incentives to help. These include gym discounts, programmes to quit smoking and lose weight, discounted health checks and other services to help you live an active life.
- If I am furloughed will I still be insured? While furloughed you remain an employee and should continue to be covered by your company Group Life Insurance, Income Protection and Private Medical Insurance.
- What COVID-19 related cover is available from company private medical insurers? If you are hospitalised and receive NHS treatment for COVID-19 you may be eligible for a cash benefit from your private medical insurance provider.
SUPPORT FOR INDIVIDUALS
The Chancellor has unveiled various measures to support individuals during this period of disruption, including:
- Self-assessment taxpayers have the option to defer the second payment on account from July 2020 to January 2021.
- The ‘nil rate band’ for Stamp Duty Land Tax has increased to £500,000 for properties purchased between 8 July 2020 and 31 March 2021.
- You can apply for a mortgage payment holiday until the end of October. This must be agreed by your lender and is available for both residential and buy to let mortgages.
Visit the HMRC Self Assessment Deferral Payment Information page on the link below.
SELECTED OTHER GRANTS
There are a range of grants available for businesses, not for profit entities and charitable organisations. These include:
- RHLG: Retail, Hospitality and Leisure Grant Fund: Local council-led taxable cash grants of up to £25,000 per property.
- SBGF: Small Business Grant Fund: A payment of £10,000 to eligible smaller businesses, delivered by local authorities.
- Discretionary Grants Scheme: Local councils can issue taxable grants of up to £25,000 to qualifying businesses. Small and micro businesses that are not eligible for other grant schemes can apply.
- CAF Coronavirus Emergency Fund for smaller charitable organisations (currently paused).
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