Government advice and cash grants
The range of business support measures which have been made available to UK businesses and employees are detailed on the government's Business Support website and you can also use the Business Support Finder here. The UK Government’s COVID-19 recovery strategy has now been published along with guidance to help employers, employees and the self-employed understand how to work safely during the coronavirus pandemic.
Support for businesses from outside government
The Department for Business, Energy & Industrial Strategy has updated the list of organisations that have produced additional resources that may be useful to employers and employees. The list now details the support offered by the National Federation of Self Employed & Small Businesses (FSB).
- Guidance: https://www.gov.uk/guidance/coronavirus-support-for-business-from-outside-government
- FSB: https://www.fsb.org.uk/campaign/covid19.html
Grant funding for SMEs in the West of England
The West of England Combined Authority will help small and medium sized businesses to adapt and recover from the impact of COVID-19 through targeted grants of £1,000 - £5,000. The grants are aimed at increasing business resilience and supporting visitor economy businesses affected by the pandemic. Details of the grants are currently being finalised and further information on applications will be available shortly.
To register your interest and to receive further information when the grants become available, please register your interest here.
Activity supported through funding must be to directly respond to the impact of COVID-19. The grants are designed to:
- help visitor economy businesses access specialist professional advice e.g. human resources, accountants, legal, financial, IT / digital
- purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify
The funding is being provided to address immediate needs and all grants will be awarded by 28 February 2021 and all activity fully completed by 31 March 2021.
The package of funding for small and medium sized businesses is supported by the England European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014 to 2020.
The Job Retention Scheme
The Coronavirus Job Retention Scheme will now continue until the end of October. Furloughed workers will continue to receive 80% of their current salary, and up to £2,500, and new flexibility will be introduced from August to get employees back to work and boost economy. Read more about the furlough scheme here.
The government has launched a new calculator to help employers with their next claims. Employers can use the calculator to work out how much they have to pay their furloughed and flexibly furloughed employees, how much they can claim for employer National Insurance contributions and pension contributions and how much they can claim back. You can access the new job retention calculator here.
Employers can now also download a template if you're claiming for 100 or more employees through the Coronavirus Job Retention Scheme (for claims on or after 1 July 2020). You can download the new template here.
The Retail, Hospitality and Leisure Grant Scheme
This fund provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.
The Small Business Grant Fund
The government will also provide a one-off grant of £10,000 to around 700,000 small businesses currently eligible for SBRR or Rural Rate Relief to help meet ongoing business costs.
Self-employment Income Support Scheme
The Self-employment Income Support Scheme supports self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month. You can submit your claim on the Government portal here. The Government’s Self-Employment Income Support Scheme has been extended, and those eligible will be able to claim a second and final grant in August 2020.