The new financial support measures – what we know

The scheme will begin on 1 November and will be available for six months, with a review point in January.  

The scheme is UK wide and the UK Government will work with the devolved administrations to ensure the scheme operates effectively across all four nations. 

Job Support Scheme:  

If your business is in a region that has to close for one week or more, the employer will pay 2/3 of each staff member’s normal salary up to £2,100 and the Government will cover the cost.  

However, the employer will still need to pay NI and insurance contributions 

This scheme applies to ALL businesses with premises that are legally required to close, even if you are still able to operate on a delivery/ collection only basis now.  

Grants for businesses who have a premises:  

If you are a business in England that has legally made to close and you have a premises, you will be entitled to a cash grant.  

Businesses with a rateable value of up to £15k can claim £1300 per month 

Businesses with a rateable value of between £15k – 51k can claim £2,000 per month 

Businesses with a rateable value of over £51k can claim £3,000 a month  

This money will be paid every two weeks 

Additional funding:  

Liverpool City Region have announced £40m package to support hospitality businesses:  

Liverpool City Region agrees emergency aid package for hospitality and leisure industry

Scotland have a new covid-19 restrictions fund:  

https://www.gov.scot/publications/coronavirus-covid-19-restrictions-fund/

The funding from the third phase of the Welsh Government’s Economic Resilience Fund (ERF) will see wider support being provided to secure jobs and help businesses develop, as well as additional help for firms affected by local lockdowns:  

https://gov.wales/140-million-support-welsh-businesses

We will update this list as more information becomes available  

What’s next?  

There are lots of unanswered questions that we are currently seeking clarifications on. As it stands, there appears to be very little help once more for business who do not have a rateable premise such as mobile and event caterers. With support also not available till December it appears little thought has been given to cash flow leaving business in limbo once again.  
 
Although it was announced today that there will be £1b funding for Local Authorities, we are awaiting further information regarding the release of other Local Authority / Regional grants.