COVID-19 – Business Support – Three Important Job Retention Scheme Updates – Flexible Furloughing to start from 1st July, the scheme to close to new entrants on 30th June and the employer to start to contribute from August
The Chancellor, Rishi Sunak, has announced three important updates to the Job Retention Scheme. Firstly, the concept of flexible furloughing has been brought forward by a month to 1st July 2020. This will enable businesses to bring furloughed employees back to work on a part-time basis. It will be left for the individual […]
HMRC has announced that the application process for the Future Fund will go live from Wednesday 20th May initially until the end of September 2020. The Future Fund is designed to provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. The key […]
HMRC has announced that the application process for the Self-Employment Income Support Scheme will go live from today. The scheme is open to a self-employed individual or a member of a partnership who: traded in the tax year 2018-19 and submitted their Self-Assessment tax return on or before 23rd April 2020 for that year; traded […]
COVID-19 – Business Support – The Government Announces Additional Funds For The Local Business Grant Funds Schemes To Cover More Businesses
Over the weekend, the government announced that they had been in discussions with local authorities in England to provide additional support for certain small businesses previously outside the scope of the business grant funds scheme through a discretionary fund. This will be via a 5% uplift to the £12.33 billion funding previously announced for the […]
The Bounce Back Loan Scheme goes live today and the British Business Bank have published more detailed guidance. The main eligibility criteria for a business are: it is engaged in trading or commercial activity in the UK and was established by 1st March 2020; it is not registered as a business in difficulty at 31st […]
COVID-19 – Business Support – New Bounce Back Loan Scheme With 100% Government Guarantee Available From Monday 4th May
The Chancellor, Rishi Sunak, has updated the House of Commons today on the Government’s economic response to COVID-19. As part of the statement, he announced a new Bounce Back Loan Scheme. This will be targeted at small businesses with a fast-track finance application process and a 100% government-backed guarantee with the lenders to provide […]
As the Coronavirus Job Retention Scheme is scheduled to go live on 20th April, we have put together a brief guide based on the questions that our clients have been asking over the last couple of weeks since the scheme was announced.
COVID-19 – Business Support – Coronavirus Job Retention Scheme – Specific Considerations For Eligible Individuals That Are Not Employees
The HMRC guidance below sets out specific considerations for those individuals who are paid via PAYE, but who are not necessarily employees in employment law. Unless explicitly set out below, all other guidance is applicable to these cases, and should be followed. Office Holders Office holders can be furloughed and receive support through this scheme. […]
HMRC has announced today that their system to submit applications for grants under the Coronavirus Job Retention Scheme Launch is set to go live on 20th April. Given that the latest analysis by the Resolution Foundation is projecting that over nine million workers are likely to be furloughed under the scheme, HMRC are already […]
COVID-19 – Business Support – Changes Made To Coronavirus Business Interruption Loan Scheme – Is It Too Little, Too Late?
The Chancellor, Rishi Sunak, has announced that changes will be made to Coronavirus Business Interruption Loan Scheme (CBILS) from today to boost the support to businesses affected by COVID-19. This is set against a backdrop of a growing sense of frustration at the stance being taken by the lenders that has made CBILS virtually redundant […]