Announced on the 12th May 2020, Rishi Sunak shall be extending the Coronavirus Job Retention Scheme (JRS) until the end of October 2020.
He states: "From August to October the scheme will continue, for all sectors and regions of the UK, but with greater flexibility to support the transition back to work. Employers currently using the scheme will be able to bring furloughed employees back part-time.
"We will ask employers to start sharing, with the government, the costs of paying people’s salaries.
"Further detail will follow by the end of May but I want to assure people one thing won’t change: Workers will, through the combined efforts of government and employers, continue to receive the same level of support as they do now, at 80% of their salary, up to £2,500."
Access to All Government Support:
This scheme is availalable as of 4 May 2020.
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
Click here for information and to apply.
If your business is in the retail, hospitality or leisure sector, you will receive a cash grant of up to £25,000 per property.
Businesses in these sectors with a rateable value of under £15,000 will receive a grant of £10,000.
Businesses with a rateable value of between £15,001 and £51,000 will receive a grant of £25,000.
Businesses with a rateable value of over £51,000 are not currently eligible for any grants, but we are in constant communication with Government to fight for this cap to be lifted.
See our Updates from our CEO section for what we are doing.
You are eligible for the scheme if:
- your business is UK based, with turnover of no more than £45 million per year
- your business meets the other British Business Bank eligibility criteria
To apply, you should talk to your bank or one of the 40 accredited finance providers offering the scheme (and not the British Business Bank) as soon as possible to discuss your business plan with them.
Read our full guide, including how to claim, here.
The scheme provides a taxable grant of 80% of your average monthly profits, taken over the last 3 years, up to £2,500 a month. Available initially for 3 months and then for longer if needed.
Am I eligible?
· You must have trading profits of under £50k
· Make the majority of your income through self-employment
· Have submitted a tax return for 2019 – although if you have missed the Jan 31st submission date this year, you now have 4 weeks from today (26.3.20) to file.
Read more here.
Read more advice on Self Employment Income Support & guidance for those running limited companies here (via MoneySavingExpert)
Information on Financial Support for Pubs