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Covid 19 – Additional Financial Support Measures  – November 2020

The UK has been placed in a further lockdown from Thursday 5th November to Monday 2nd December – All non-essential shops, including pubs and restaurants must close but can operate take-away / delivery services.

Additional Financial Support Measures

Job Retention Scheme / Furlough Scheme (CJRS)

  • To remain open until End of March 2020. 
  • All employers with a UK bank account / UK PAYE schemes can claim. Neither the employer nor the employee needs to have previously used the CJRS – However, the employee/s must be on an employer’s PAYE payroll as at 30th October 2020. 
  • Employees will receive 80% of their current salary for hours not worked, up to a maximum of £2,500.  
  • The grant must be paid to the employee in full.  The employer is responsible for paying for any hours that an employee works.
  • Employers need to cover the National Insurance / Pensions costs in full.  
  • Flexibility to to bring furloughed employees back to work on a part time basis or furlough full time.
  • Employers are still able to top up employee wages if they wish.
  • The extended CJRS will operate as the previous scheme, with businesses being able to claim shortly before, during or after running payroll. 
  • Claims can be made from next week (W/C 9th Nov – Exact date to be confirmed) and as previously, will be paid within 6 working days.
  • The Job Support Scheme (JSS) due to commence from 1st November, has been postponed until the furlough scheme ends.

Business Grants

  • 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.
  • Grants will be paid out by local authorities – Please contact them directly / check their website for further information on how and when to claim.
  • Backdated cash grants for businesses in Tier 2/3 areas: Businesses in hospitality, leisure and accommodation sectors that have been suffering from reduced demand for a while will receive backdated grants at 70% of the value of closed grants up to a maximum of £2,100 per four weeks for this period.
  • Timing – Allocations to be made to local authorities this week, funding to follow next week (W/C 9th November)

Bounce Back Loans (BBL)  / Coronavirus Business Interruption Loans (CBILS)

  • Applications extended to end of January 2020, so there is still time to make an application if you wish.
  • BBL – The amount you can borrow is between £2,000 and up to 25% of turnover
  • BBL Scheme rules have been adjusted to allow businesses who have borrowed less than their maximum (i.e. less than 25% of their turnover) to top-up their existing loan. Businesses will be able to take-up this option from next week; they can make use of this option once.
  • Applications should still be made through your current bank

VAT payments

  • HMRC have not announced any further extension in regards to deferment of VAT payments,

Self employed Income Support

  • A further self-employed Grant has been announced – Covering 1st November 2020 to 31 January 2021 and from 1st February 2021 to 30 April 2021.
  • Applicants must have been previously eligible for the Self-Employed Income Support Scheme first and second grants (although they do not have to have claimed the previous grants).  
  • To qualify, you must declare you intend to continue to trade and are either actively trading, but the business has been severely impacted by Covid-19 or were previously trading but are temporarily unable to do so due to Covid-19,
  • The Grant covering November – January will be a one off payment of 80% of average monthly trading profits for November 2020 – January 2021 .  The maximum grant is capped at £7500.00
  • This can be claimed from 30th November 2020,
  • The Grant covering February  – April and the percentage / capped amount has not yet been announced by HMRC.

We’re here to help throughout this challenging time – Become a Fairmile client and benefit from our unlimited free advice and free Job Retention Scheme administration.

Call us today on 01235-887430 or contact us for immediate assistance – We can get through this if we all help each other…