The Chancellor has extended multiple elements of Business support.
The Coronavirus Job Retention Scheme has been extended until September 2021. From 1st July, the UK Government will pay 70 percent of wages up to a cap of £2,187.50 for the hours the employee is on furlough. Employers will need to make an additional contribution of 10 percent towards the cost of paying for unworked hours, and will also have to continue paying employer NICs and pension contributions. Employees will continue to receive 80 percent of their wages up to a cap of £2,500 monthly, for time they are furloughed. 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 until September 2021, and was expanded at the recent budget to include those who became self-employed in 2019-20. 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 closed for applications on March 31st 2021. If you believe you should have received funds via this scheme, 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