Finding COVID-19 funding and support for your business
In our previous article, we looked at COVID-19 financial support for self-employed people and sole traders. This time, we summarise the range of funding and support available to businesses and employers – including the new scheme that replaces furlough.
No more furlough
With the furlough scheme coming to an end on 31st October, the chancellor has announced a replacement scheme – the Job Support Scheme – which will run from 1st November for six months. Under the new scheme:
- The government will pay up to 67% of employees’ salaries, up to a maximum of £2,100 per employee per month, for businesses that are legally required to shut.
- Help is also available for firms that are allowed to open, where employees are returning part-time. Here, staff will have to be paid to work at least one-third of their hours, then the government and employer will each pay one-third of the remaining wages (so the employee gets at least 77% of their pay).
- Employers will be able to claim a £1,000 Job Retention Bonus for every furloughed employee kept on the payroll until at least the end of January.
Other funding options for businesses
In addition, there’s a range of loans, tax relief and cash grants available to businesses, including:
- Coronavirus Business Interruption Loan Scheme
- Local Restrictions Support Grant
- Coronavirus Future Fund
- Bounce Back Loans
- Claiming Statutory Sick Pay for employees who are off due to coronavirus
- Business rates relief for retail, hospitality or leisure businesses
To find out what support is available to your business, and start your claim, check out this handy coronavirus support finder.
Accessing business advice
The government has created a business support helpline and webinars that offer free advice to businesses affected by coronavirus. Plus, you can read case studies that explore how other businesses are coping with coronavirus disruption.
Business representative organisations and trade associations are also providing coronavirus-related support for specific sectors, such as architecture, construction, export, hospitality, and technology (see the full list of sectors here). Alternatively, there are 38 local Growth Hubs across England offering business support and guidance.
Don’t forget, your accountant is another valuable source of advice – whether you want to trim costs, boost profits, or simply understand what support is out there for your business. Chat to Jupp Castle and get tailored advice to help steer your business through coronavirus challenges.
(Tree photo created by bedneyimages – www.freepik.com)