The latest news about Covid 19 Support published 3rd November 2021

Interest free loan scheme extended

Applications for the Coronavirus Business Interruption Loan Scheme has been extended until January 31st 2021. Available to help small and medium sized business with finance up to £5 million. The government guarantees 80% of the loan and pays interest and any fees in the first 12 months. Very useful to reduce cost of finance that has interest charges. More here

Bounce Back Loan Extended to January 31st 2021.

Bounce Back Loans help small and medium-sized businesses borrow between £2,000 and up to 25% of their turnover (max £50,000). 100% of this is guaranteed and no fees or interest will be applied for the first 12 months. After interest is capped at 2.5%. You can get quicker access to this type of loan. Here’s the link

Furlough and JRS

The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31‌ October, will now be extended, with the UK government paying 80% of wages for the hours furloughed employees do not work, up to a cap of £2,500 for periods from 1 November.

You will need to pay all employer National Insurance Contributions (NICs) and pension contributions. You can choose to top up your furloughed employees’ wages beyond the 80% paid by the UK government for hours not worked, but you are not required to do so.

You will have flexibility to ask your employees to work on a part-time basis and furlough them for the rest of their usual working hours or furlough them full-time. You will have to cover their wages for any hours they work as well as all employer National Insurance and employer pension contributions.

You will be able to claim either shortly before, during or after running your payroll. There will be a short period initially when the online claims service will be closed while we update the system, and you will be able to claim in arrears for that period.

Further details will be provided in the next few days.

You can claim for employees who were on your PAYE payroll on 30‌ October 2020. You must have made a PAYE Real Time Information (RTI) submission to HMRC between 20‌ March 2020 and 30‌ October 2020, notifying a payment of earnings for that employee.

If employees were on your payroll on 23‌ September‌ 2020 (i.e. notified to HMRC on an RTI submission on or before 23 September) and were made redundant or stopped working for you afterwards, they can also qualify for the scheme if you re-employ them. For more details.

Self-employment grant extended

The scheme is extended, to be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:

  1. 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)

  2. declare that they intend to continue to trade and either:

  1. are currently actively trading but are impacted by reduced demand due to coronavirus

  2. were previously trading but are temporarily unable to do so due to coronavirus

Here’s the link

Grants available up to £3,000 a month

Grants available up to £3,000 a month

 

Businesses required to close in England due to local or national restrictions will be eligible for the following:

  • For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;

  • For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;

  • For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

 

The link is here we are watching for more details of this one

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Daniel English

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Email: daniel@contadoraccountancy.co.uk

Louise Rogers

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Email: louise@contadoraccountancy.co.uk

Contador (associated with Louise Rogers Accountancy)

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John Matthews

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Email: john@contadoraccountancy.co.uk