The latest one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring, will go some way to help businesses that are forced to close.
However if the current situation carries on then more help will be needed if places can not open for Easter.
Businesses need to consider this and look at the potential cash flow issues going forward.
If businesses are unsure on what to claim or need help, then it is recommend that they ask their accountant for help and support. Y
ou will not be alone and if you plan now for the various scenarios then you will be in a better place for the future.
The new Grant is available through the Local Councils, however some councils are still waiting for the full details of some of these schemes and to understand the funding available from Government.
- Businesses can still claim for the monthly Local Restriction Support Grants worth up to £3,000 a month. You may not have been entitled to this is you were previous allowed to open.
The grant will be based on the rateable value of the property on the first full day of local restrictions.
If your business has a property with a rateable value of £15,000 or less, you may be eligible for a cash grant of £667 for each 14 day period your business is closed.
If your business has a property with a rateable value over £15,000 and less than £51,000, you may be eligible for a cash grant of £1,000 for each 14 day period your business is closed.
If your business has a property with a rateable value of £51,000 or above, you may be eligible for a cash grant of £1,500 for each 14 day period your business is closed.
The grant will be extended to cover each additional 14-day period of closure. If your business is closed for 28 days, or 2 payment cycles, it will receive £1,334, £2,000 or £3,000, depending on the rateable value of the property.
- They have extended the deadline and given businesses across the UK until the end of March to access the
- Extension of the Coronavirus Job Retention Scheme until the end of April 2021. The government will cover the cost of 80 per cent of the wages of furloughed employees for hours not worked – employers will only be asked to cover NICs and pension contributions.
- Extension of the Self-Employed Income Support Scheme until April 2021. The government is now providing a third SEISS grant, covering 80 per cent of average trading profits between November and January 2021, capped at £7,500 in total. They are also introducing a fourth grant, to cover February to April, in due course.