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Newsflash 23/10/2020 Updated 13/11/2020 – More Financial Support Announced For Businesses

Newsflash 23/10/2020 Updated 13/11/2020 – More Financial Support Announced For Businesses

Job Support Scheme (now postponed)
It was originally announced that employer’s would have to pay 33% towards the cost of unworked hours. This has now been reduced to 5%.
Before employees had to be working 33% of their normal working hours. Now as a minimum they only have to be working 20%. This means that an employee working just one day a week can benefit from this scheme. See weblink below for further information.
https://www.gov.uk/government/news/plan-for-jobs-chancellor-increases-financial-support-for-businesses-and-workers
New Support For “Tier 2” Businesses
Previously your business had to be in Tier 3 before you were allowed a business grant.
Now further funding has been handed over to local councils to give support to those businesses in leisure, hospitality & accommodation, that fall into Tier 2.
The maximum grants will be £2,100 per month.  They will vary depending on the number of eligible businesses in your area and your business rateable value. Businesses therefore need to refer to their own authority website.
Copy this link into your web browser for more information:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/928760/BUSINESS_GRANTS_FACTSHEET.pdf
Self Employment Income Support Scheme
From November 2020 to January 2021 the amount you can now claim has now increased. (from 20% to 80% of your average trading profits in November & to 40% of your average trading profits in December & January). You can now also claim faster, on 30th November instead of 14th December.
Refer to the original guidance at GOV.UK to understand how this is calculated.  https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
The overall maximum cap is also doubling. You can now claim a grant of up to £3,750 
There will be support also for the period February 2021 to April 2021. This is yet to be announced.

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