SUPPORT FOR BUSINESSES
*Local Businesses: Daventry*
Under current coronavirus restrictions, local businesses which have had to close can apply for a Local Restrictions Support Grant (LRSG). This can be up to £3,000, depending on rateable value. Businesses which don’t qualify for the LRSG, or which have been severely impacted by new restrictions but remain open, may be eligible for an Additional Restrictions Grant (ARG).
In our constituency, grant funding will be distributed by Daventry District Council, who have more information about eligibility for the LRSG and ARG, and details of how to apply, on their website at:
One-off Grants for Businesses
Retail, hospitality and leisure business premises forced to close can claim a one-off grant of up to £9,000. These are per-premises grants, which means businesses may be eligible for multiple grants. The one-off additional grant each business premises will receive depends on their rateable value:
Businesses with a rateable value of £51,000 or above: £9,000
Businesses with a rateable value between £15,000 and £51,000: £6,000
Businesses with a rateable value of £15,000 or below: £4,000
This is in addition to existing monthly grants of up to £3,000, which businesses continue to be eligible for. These grants are worth over £1 billion in total per month.
More details about how to apply for these one-off grants will be published when available.
Coronavirus Job Retention Scheme (CJRS)
The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be extended until April 2021.
Like before, the Government will pay 80% of wages for the hours furloughed employees do not work, up to a monthly cap of £2,500. Employers will need to pay all National Insurance Contributions (NICs) and pension contributions, and can top up wages above 80% if they choose to do so. There will be no gap in support between the previously announced end date of the CJRS and this extension. The CJRS will be reviewed in March to determine whether employer contribution will change. A letter from the Chancellor about the CJRS extension is attached at the bottom of this page.
More information (about who is eligible, part-time vs full-time furlough, and other FAQs) is available here.
Coronavirus Large Business Interruption Loan Scheme
Businesses with a turnover of over £45 million may be eligible for loans of up to £200 million, subject to a limit of 25% of their turnover. More details about eligibility and applying are available here.
COVID-19 Corporate Finance Facility
For larger firms with an investment-grade credit, the Government has guaranteed a funding scheme from the Bank of England to buy short-term debt from larger companies. Businesses should contact their bank to see if they are eligible.
Loan Schemes Extension
The Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme (CBILS), and Coronavirus Large Business Interruption Loan Scheme will have application deadlines extended to the end of January 2021. Updated links to information and application portals for these loans can be found here.
The Future Fund provides investment for innovative, start-up and high-growth firms affected by the crisis which are unable to access the CBILS. The Future Fund includes Government-issued convertible loans of between £125,000 and £5 million, delivered in partnership with the British Business Bank. More information about eligibility is available here.
Statutory Sick Pay Rebate Scheme
Small and medium-sized businesses and employers can reclaim Statutory Sick Pay for staff sickness during coronavirus – that’s nearly 2 million employers who will be eligible, worth up to £48,000 per business. The refund will cover up to two weeks’ sick pay per eligible employee who has been off work due to Covid-19, has had to self-isolate or is shielding. Employers are eligible if they are UK-based and have fewer than 250 employees. Apply online here.
SUPPORT FOR INDIVIDUALS
Self-Employment Income Support Scheme (SEISS) Grant Extension
The value of the Self-Employment Income Support Scheme (SEISS) Grant Extension will be increased from 40% of average trading profits, to 55%. The opening of the service has been brought forward from 14 December to 30 November.
The SEISS Grant Extension provides support to the self-employed in the form of two grants, each available for three-month periods covering November to January and February to April. The Government will provide a taxable grant covering 55% of average monthly trading profits, paid out in a single instalment covering three months’ profits, capped at £5,160 in total. The second grant will cover a three-month period from the start of February until the end of April. The level of this grant will be reviewed and announced shortly.
More information about the SEISS extension is available here.
Further financial support for individuals and families during this period includes:
- £500 million Hardship Fund for local authorities to help struggling families
- £500 payments for low-income individuals who need to self-isolate
- £32 million for local councils to support clinically extremely vulnerable people to remain at home
- continued payment holidays on mortgages, personal loans and car finances
- continued £20-per-week increase in Universal Credit, and increased Local Housing Allowance
As circumstances change, and more advice and support becomes available, I will publish extra information both here on my website and via my Facebook page. As ever, you can get in touch with me at email@example.com.