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Latest government support initiatives for businesses
Government Support for Employers and Businesses
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
What is it?
- Gov’t scheme to help small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
- The gov’t guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
- You can repay earlier with no penalty.
- Loans set up to last 6 years (1 interest free and 5 years @ 2.5%).
- Loans are unsecured. You don’t give security (the Government does) so it’s far more difficult for them to take your assets if you can’t repay.
Who is eligible?
- Your business must have been established before 1 March 2020. It must also still be trading as a going concern (temporary cessation due to coronavirus doesn’t matter) at the point of application – and the reason for any issues must be due to Coronavirus.
- From 15 July to 12 January 2021 the reduced (5%) rate of VAT will apply to supplies of accommodation and admission to attractions across the UK, including museums.
- £1,000 one-off payment to employers for every furloughed employee who remains continuously employed through to the end of January 2021. Details by end of July.
- fund to create high quality 6-month work placements aimed at those aged 16-24 who are on Universal Credit and are deemed to be at risk of long-term unemployment.
- Funding will cover 100% of the relevant National Minimum Wage for 25 hours a week, plus employer NI contributions and employer minimum automatic enrolment contributions.
- £1 billion Public Sector Decarbonisation Scheme that will offer grants to public sector bodies (including schools and hospitals) to fund both energy efficiency and low carbon heat upgrades