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.
Businesses should visit their local council website for details on how to apply – the details of eligibility and how to find your local council are here: https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-local-restrictions-support-grant
£1.1bn is also being distributed across the Local Authorities, for one-off payments to enable them to support businesses more broadly.
Extension of furlough
· The Chancellor has today confirmed that the government’s Job Retention (furlough) Scheme will be extended until the end of March 2021 covering 80% of wages with businesses only having to pay NI and pension contributions.
· Employers small or large, charitable or non-profit, are eligible for the extended Job Retention Scheme, which will continue.
· Businesses will have flexibility to bring furloughed employees back to work on a part time basis or furlough them full-time, and will only be asked to cover NI and employer pension contributions.
· The Job Support Scheme, which was scheduled to come in on Sunday 1st November, has been postponed until the furlough scheme ends.
· Furlough amount will be 80% of their current salary for hours not worked, up to a maximum of £2,500 (so based on what they’re working right now not what they were earning pre COVID)
· The Self-Employed Income Support Scheme will also be extended to cover 80% of profits for the period November – January up to £7,500.
· The next grant will also be paid faster, with the claims window opening on 30 November rather than 14 December.
· Businesses will be able to access additional support as deadlines for applications for government-backed loan schemes and the Future Fund have been further extended until 31 January 2021.
· Firms can ‘top up’ existing Bounce Back Loans should they need additional finance
Whilst NHBF welcomes the new support package it is still lobbying for: