This email is part of a regular update I send out to businesses in Scunthorpe. If you have not received this email directly from me please click here to subscribe to my COVID-19 Business newsletter.
Tier 4 Restrictions Financial Support Update
Over the next weeks, I will spend my time supporting residents and working to ensure that local businesses and employees such as yourself are able to benefit from every possible bit of government support. If you have any further questions, please get back to me directly – my team and I are here to help.
As things are moving at pace, I will try to provide as many regular updates as possible.
Furlough scheme extension
- The furlough based scheme has been extended by another month at its first introductory rate equal to 80% of wages for time not worked, up to £2,500 per month until 2nd December. Employers will have to contribute NIs and pension.
- Very important! Furlough eligibility extended: Employers can now furlough employees who were on their PAYE Payroll by 30th October 2020.
- More information to be released next week, meanwhile please look at the announcement here for more info.
BBL and CBIL loan schemes extended
- The Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme, and the Future Fund, will all be extended until the end of January.
- You also can now “top up” your bounce back loan. Read more here.
Grants for businesses
- Businesses, which are forced to close, will be entitled to support, totalling up to £3,000 per month depending on rateable value.
- Having spoken to North Lincs Council I wrote to the Chancellor this Monday asking for a similar “discretionary scheme”, which I believe will be essential to many small businesses.
- Guidance for local councils was released yesterday – I understand that North Lincs Council has been in correspondence with BEIS today to work out the eligibility criteria for business support grants.
- I hope you could give NLC some time as they work out further aspects of the scheme. I’m assured they are working on this as fast as they can.
Self-employed Income Support Scheme
- SSEIS grants will be calculated at 80% of trading profits for November, an increase from 40%. As this grant is calculated over 3 months, this will increase the value of the grant from 40% to 55% of trading profits for November to January, with a maximum monetary value of £5,190.
- More information about the SSEIS adjustment can be found here.
Mortgage payment holidays
Mortgage payment holidays will still be available to homeowners. If you have previously opted for the mortgage payment holiday, you may top it up to 6-months in total. New applicants will also be entitled to a maximum of 6 months mortgage holiday, this will not impact their credit file.
As I have said above I will be providing further updates once more guidance has been released. Meanwhile please do not hesitate to get back to me if you have any further questions or concerns.
- COVID-19 SUPPORT DIRECTORY FOR INDIVIDUALS AND BUSINESSES
- COVID-19 Business Update 23/10/2020- Chancellor’s IMPROVED Winter Support Package
- Coronavirus Business Update 22.09.20- Chancellor's Winter Support Package
- Coronavirus Business Update 22/09/20- Today's updates and key guidances
- COVID-19 Business Update 08/09/2020- Feedback from hospitality industry needed, job creation schemes available for your business
- COVID-19 Business Update 09/07/2020- Further reopening of businesses, eat out scheme details, green homes grants
- Important update: Chancellor's statement and what it means for you - 08/07/2020
- Quick update - full list of businesses, guidance available - 24/06/2020
- Further opening of key sectors, self-employed support - COVID-19 Business update 23/06/2020
- NLC Discretionary Business Grants now open for application - COVID-19 Business update 01/06/2020
- COVID-19 Business update 29/05/2020 -Important update on furlough, Self-Employed income support scheme EXTENDED
- COVID-19 Business update 26/05/2020- Retail update, tax clarifications, claim for SSP
- COVID-19 Business update 14/05/2020- Major housing update, holiday entitlement guidance, guidance for discretionary council grant released - COVID-19 Business update
- COVID-19 Business update 13/05/2020- Furlough scheme extended, health and safety priority
- COVID-19 Business Update 11/05/20- Details on today's announcements, how to make your workplace "Covid-Safe"
- COVID-19 Business update 04/05/2020- Bounce back loans available NOW, Council to get discretion for grants, further info for employees
- COVID-19 Business update 27/04/2020- New 100% backed loans for small businesses, Furlough scheme feedback
- COVID-19 Business update 15/04/2020- Date set for furlough scheme (get ready!), more info for the self-employed
- COVID-19 Business update 03/04/2020- Coronavirus Business Interruption Loans, Industry updates
- COVID-19 Business update 27/03/2020- Important update for employers: more details on "furlough"/ "80% scheme"
- COVID-19 Business update 26/03/2020- Self-employed details, letter to Chancellor and Business Secretary
- COVID-19 Business update 24/03/2020- Important guidelines and updates
- COVID-19 Business update 23/03/2020- Lockdown and further information
- COVID-19 Business update 22/03/2020- Coronavirus Job Retention Scheme, my pledge to the self-employed
- COVID-19 Business update 20/03/2020- URGENT UPDATE
- COVID-19 Business update 18/03/2020- Business Interruption Loan Scheme, Business Rates Holiday, Small Business Grants