The government’s financial support packages for businesses and the self-employed are being changed and amended as the coronavirus pandemic continues. This post covers the latest information about the financial help available in: 

Calculations

England 

Job Retention Scheme: Furlough 

The furlough scheme has been extended  to 31 March 2021.

You can bring furloughed employees back to work on a part-time basis or furlough them full-time. Employers must pay National Insurance and employer pension contributions. Employees will receive 80% of their salary for hours not worked up to a maximum of £2,500 a month. Find out more on the government website

Job Support Scheme

PLEASE NOTE: The Job Support Scheme, which was scheduled to come in on Sunday, 1 November 2020, has been postponed until the furlough scheme ends. The furlough scheme has been extended. See above.

If businesses are legally required to close, the government will cover the cost of two thirds of employees’ salaries where they can’t work for a week or more. Employers must cover National Insurance and pension contributions where applicable. 

If businesses are still open but adversely affected by coronavirus, the government is making it easier to keep employees on:

  • Employees must work a minimum of 20% of their hours. The employer will pay the wages for these hours.
  • For every hour not worked, the employee will be paid two-thirds of their usual salary. The employer will contribute 5% to a cap of £125 a month, with the rest paid by the government to a cap of £1,541.75 a month. 

Find out more on the government website. 

Job Retention Bonus 

The Job Retention Bonus will no longer be paid in February 2021 as the furlough scheme has been extended to the end of March 2021. We understand that the government will announce a new Job Retention Bonus scheme at the appropriate time.

 

Self-Employment Income Support Scheme

The government is offering two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021. 

 

Self-employed chair, space and room renters can claim a grant of 80% of their average trading profits covering the three-month period November 2020 to January 2021, up to a maximum of £7,500 (the maximum previously announced was £5,160). 

The amount of the second three-month grant to cover February 2021 to April 2021 will be decided at a later date. Tax and National Insurance must be paid on the grants. Find out more on the government website. 

Find out what other financial help may be available for the self-employed including New Style Employment and Support Allowance, Universal Credit or Pension Credit.

Business grants 

  • Coronavirus grant due to national restrictions (for closed businesses): The Local Restrictions Support Grant supports businesses in England that have been required to close due to the national restrictions between 5 November and 2 December 2020. Eligible businesses may be entitled to a cash grant from their local council for each 28-day period under national restrictions. To check your eligibility and for more information, click here
  • Coronavirus Local Restrictions Support Grant (for closed businesses): Businesses in England that were open as usual and were then required to close due to local restrictions (local COVID alert level: Very High) may be eligible for the local restrictions support grant. Eligible businesses are entitled to a cash grant from their local council for each 14-day period of closure. To check your eligibility and for more information, click here

Visit your local authority's website to find out how to apply. Find your local authority on the government website. 

 

£1.1bn is also being distributed to local authorities so they can make one-off payments (Additional Restrictions Grant( to help support businesses. Find out more.

Loan schemes 

  • The Business Interruption Loan Scheme provides loans of up to £5m, with no interest due for 12 months. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. Open for applications until 31 January 2021.
  • The Bounce Back Loan helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. Open for applications until 31 January 2021.

Claim back Statutory Sick Pay 

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the Statutory Sick Pay paid to current or former employees who are off sick for coronavirus-related reasons. Find out more on the government website. 

 

 

Clean basin

Wales

Job Retention Scheme: Furlough

The furlough scheme has been extended  to 31 March 2021.

You can bring furloughed employees back to work on a part-time basis or furlough them full-time. Employers must pay National Insurance and employer pension contributions. Employees will receive 80% of their salary for hours not worked up to a maximum of £2,500 a month. Find out more on the government website.

Job Support Scheme

PLEASE NOTE: The Job Support Scheme, which was scheduled to come in on Sunday, 1 November 2020, has been postponed until the furlough scheme ends. The furlough scheme has been extended. See above.

If businesses are legally required to close, the government will cover the cost of two thirds of employees’ salaries where they can’t work for a week or more. Employers must cover National Insurance and pension contributions where applicable. 

If businesses are still open but adversely affected by coronavirus, the government is making it easier to keep employees on:

  • Employees must work a minimum of 20% of their hours. The employer will pay the wages for these hours.
  • For every hour not worked, the employee will be paid two-thirds of their usual salary. The employer will contribute 5% to a cap of £125 a month, with the rest paid by the government to a cap of £1,541.75 a month. 

Find out more on the government website

Job Retention Bonus 

The Job Retention Bonus will no longer be paid in February 2021 as the furlough scheme has been extended to the end of March 2021. We understand that the government will announce a new Job Retention Bonus scheme at the appropriate time.

Self-Employment Income Support Scheme

The government is offering two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021. 

Self-employed chair, space and room renters can claim a grant of 80% of their average trading profits covering the three-month period November 2020 to January 2021, up to a maximum of £7,500 (the maximum previously announced was £5,160). 

The amount of the second three-month grant to cover February 2021 to April 2021 will be decided at a later date. Tax and National Insurance must be paid on the grants. Find out more on the government website. 

Find out what other financial help may be available for the self-employed including New Style Employment and Support Allowance, Universal Credit or Pension Credit.

Economic Resilience Fund

The Economic Resilience Fund, which complements support schemes available from the UK Government, is part of the Welsh Government’s £1.7 billion support package for businesses to help deal with the economic impacts of coronavirus. Funding includes: 

  • Payments of £1,000 for businesses that are eligible for Small Business Rates relief and occupy a property with a rateable value of £12,000 or less.
  • Payments of up to £5,000 for retail, hospitality and leisure businesses that are required to close and which occupy a property with a rateable value of between £12,001 and £50,000.
  • A discretionary £2,000 top-up grant for businesses closed or affected by the firebreak lockdown.
  • A further discretionary £1,000 grant for businesses that were affected by local lockdown measures for 21 days or more before the start of the firebreak lockdown period.
  • The Welsh Government is also providing a further £20 million towards business grants making a total of £100 million available. 

Find out more on the Welsh Government website

Loan schemes 

  • The Business Interruption Loan Scheme provides loans of up to £5m, with no interest due for 12 months. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. Open for applications until 31 January 2021.
  • The Bounce Back Loan helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. Open for applications until 31 January 2021.

Claim back Statutory Sick Pay  

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the Statutory Sick Pay paid to current or former employees who are off sick for coronavirus-related reasons. Find out more on the government website.  

 

Covid haircut

Scotland

Job Retention Scheme: Furlough

The furlough scheme has been extended  to 31 March 2021.

You can bring furloughed employees back to work on a part-time basis or furlough them full-time. Employers must pay National Insurance and employer pension contributions. Employees will receive 80% of their salary for hours not worked up to a maximum of £2,500 a month. Find out more on the government website.

Job Support Scheme

PLEASE NOTE: The Job Support Scheme, which was scheduled to come in on Sunday, 1 November 2020, has been postponed until the furlough scheme ends. The furlough scheme has been extended. See above.

If businesses are legally required to close, the government will cover the cost of two thirds of employees’ salaries where they can’t work for a week or more. Employers must cover National Insurance and pension contributions where applicable. 

If businesses are still open but adversely affected by coronavirus, the government is making it easier to keep employees on:

  • Employees must work a minimum of 20% of their hours. The employer will pay the wages for these hours.
  • For every hour not worked, the employee will be paid two-thirds of their usual salary. The employer will contribute 5% to a cap of £125 a month, with the rest paid by the government to a cap of £1,541.75 a month. 

Find out more on the government website

Job Retention Bonus 

The Job Retention Bonus will no longer be paid in February 2021 as the furlough scheme has been extended to the end of March 2021. We understand that the government will announce a new Job Retention Bonus scheme at the appropriate time.

Self-Employment Income Support Scheme

The government is offering two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021. 

Self-employed chair, space and room renters can claim a grant of 80% of their average trading profits covering the three-month period November 2020 to January 2021, up to a maximum of £7,500 (the maximum previously announced was £5,160). 

The amount of the second three-month grant to cover February 2021 to April 2021 will be decided at a later date. Tax and National Insurance must be paid on the grants. Find out more on the government website. 

Find out what other financial help may be available for the self-employed including New Style Employment and Support Allowance, Universal Credit or Pension Credit.

Grants for businesses 

From 2 November 2020, firms that are required by law to close will be eligible for grants every four weeks for as long as the restrictions last. Based on the rateable value of the business premises, the amount will be either £2,000 or £3,000. 

Businesses that are open but directly affected by coronavirus will be eligible for grants of £1,400 or £2,100 based on rateable value. 

Find out more on the Scottish Government website. 

Applications for the Coronavirus Restrictions Fund are due to close on 3 November 2020. Find out more.  

A £30m discretionary fund for local authorities to allocate to businesses most adversely affected has also been announced. 

Loan schemes 

  • The Business Interruption Loan Scheme provides loans of up to £5m, with no interest due for 12 months. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. Open for applications until 31 January 2021.
  • The Bounce Back Loan helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. Open for applications until 31 January 2021.

Claim back Statutory Sick Pay  

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the Statutory Sick Pay paid to current or former employees who are off sick for coronavirus-related reasons. Find out more on the government website.  

 

Hairstyle PPE

Northern Ireland    

Job Retention Scheme: Furlough

The furlough scheme has been extended  to 31 March 2021.

You can bring furloughed employees back to work on a part-time basis or furlough them full-time. Employers must pay National Insurance and employer pension contributions. Employees will receive 80% of their salary for hours not worked up to a maximum of £2,500 a month. Find out more on the government website.

Job Support Scheme

PLEASE NOTE: The Job Support Scheme, which was scheduled to come in on Sunday, 1 November 2020, has been postponed until the furlough scheme ends. The furlough scheme has been extended. See above.

If businesses are legally required to close, the government will cover the cost of two thirds of employees’ salaries where they can’t work for a week or more. Employers must cover National Insurance and pension contributions where applicable.  

If businesses are still open but adversely affected by coronavirus, the government is making it easier to keep employees on: 

  • Employees must work a minimum of 20% of their hours. The employer will pay the wages for these hours.
  • For every hour not worked, the employee will be paid two-thirds of their usual salary. The employer will contribute 5% to a cap of £125 a month, with the rest paid by the government to a cap of £1,541.75 a month.  

Find out more on the government website.  

Job Retention Bonus  

The Job Retention Bonus will no longer be paid in February 2021 as the furlough scheme has been extended to the end of March 2021. We understand that the government will announce a new Job Retention Bonus scheme at the appropriate time. 

Self-Employment Income Support Scheme  

The government is offering two grants, each available for three-month periods covering November 2020 to January 2021 and February 2021 to April 2021. 

Self-employed chair, space and room renters can claim a grant of 80% of their average trading profits covering the three-month period November 2020 to January 2021, up to a maximum of £7,500 (the maximum previously announced was £5,160). 

The amount of the second three-month grant to cover February 2021 to April 2021 will be decided at a later date. Tax and National Insurance must be paid on the grants. Find out more on the government website. 

Find out what other financial help may be available for the self-employed including New Style Employment and Support Allowance, Universal Credit or Pension Credit.

Grants for businesses 

Localised Restrictions Support Scheme

The Localised Restrictions Support Scheme provides financial support to businesses which have been required to close or severely limit their operations. 

Payments range from £800 to £1,600 for each week that local restrictions are in place. 

Find out how to apply online.  

Covid Restrictions Business Support Scheme

This scheme provides support to businesses that are required to close but are not eligible for the Localised Restrictions Support Scheme. Examples of this might include a business that delivers its product or service on a mobile basis or operates from their home, or their customers’ homes, for example, a mobile hairdresser or beauty therapist. Find out more.

Loan schemes  

  • The Business Interruption Loan Scheme provides loans of up to £5m, with no interest due for 12 months. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. Open for applications until 31 January 2021.
  • The Bounce Back Loan helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. Open for applications until 31 January 2021.

Claim back Statutory Sick Pay   

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the Statutory Sick Pay paid to current or former employees who are off sick for coronavirus-related reasons. Find out more on the government website.