With the rapidly changing nature of the Covid-19 outbreak, information and advice on the matter has been updated on a regular basis.
Much of the guidance has been extremely useful, although many sole traders, small business owners and partnerships have been left confused by the ever-altering picture.
The Government’s Roadmap
Boris Johnson’s announcement on the 22 February 2021 introduced us to the Government’s four-step plan for a return to normality for businesses.
From 8 March, people in England will see restrictions start to lift, offering a hope for a transition towards a more normal life.
The roadmap will slowly open up different types of businesses in each step up until the 21st June, but what support is available in the meantime?
What financial support is available for small business owners affected by lockdown 3?
The Government put a one-off top up grant in place for retail, hospitality and leisure businesses.
The one-off grant, which is in addition to the Local Restriction Support Grants, is based upon rateable value, and breaks down as follows:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
Any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant.
The Government is also offering the following financial support to business owners:
- £1.1 billion will be made available for local authorities to help businesses in their area. This will be via the Local Restrictions Support Grant, which provides up to £3,000 per month to business owners who are forced to close their premises.
- The Kickstart scheme offers £1,500 to set up support and training for a six-month work placement for youngsters aged between 16 and 24 who are on Universal Credit.
- Claim up to £2,000 as an incentive payment if you hire an apprentice that starts with you between August 1, 2020 and January 31, 2021.
- An extension of the Bounce Back Loans The deadline for applications has been extended to March 31, 2021, while firms can top-up existing Bounce Back Loans additional finance is needed.
- The Future Fund has also been extended until March 31, 2021.
- The application for both the CBILS and CLBILS loan schemes have also been extended until March 31, 2021.
Cooper Accounting can help you understand the changing picture of coronavirus and its restrictions, including the obstacles to overcome and the opportunities available.
We provide bespoke guidance and advice to sole traders, partnerships and small businesses.
Get in touch to set up an informal consultation.