The Chancellor has extended multiple elements of Business support.
The Coronavirus Job Retention Scheme has been extended until March 2021. Employers can claim for 80% of an employee's usual salary up to £2500. Employers can furlough employees for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked.
The Self-Employment Income Support Scheme has also been extended. Individuals will be able to claim up to 80% of their trading profits up to £7500 for a three month period (November to January). The scheme will continue to operate until April 2021, but the Treasury will review the level of grant funding available to each applicant for the second three month payment. Self-employed individuals are allowed to continue working whilst claiming this grant.
For small and medium size businesses, the Bounce Back Loan Scheme remains operational. Business owners can receive loans of up to £50,000 which will be 100% guaranteed by the Government with no fees or interest for the first 12 months.
The Lockdown Discretionary Grant for business and the Lockdown Non Domestic Rate Grant close for applications on 20th November 2020. If you believe you should have received funds via these schemes, or any other which has now closed, please email me on firstname.lastname@example.org and I will do what I can to assist.
The links below will take you to further information on specific subject areas:
- Development Bank of Wales – Information of services available via the Development Bank of Wales
- Government Support – Information on support provided via the Welsh Government, including Business Rate Relief and Business Grant Schemes
- BEIS guidance to employers and businesses about covid-19 – Link to information and guidance from the UK Government on areas such as Statutory Sick Pay, Advice for employees which have travelled to high risk areas and home working
if you have any queries please contact Business Wales on: 030 0060 3000, or by visiting their website: https://businesswales.gov.wales/coronavirus-advice