Coronavirus Business Support

Ok so since the government's announcement of another national lockdown on Saturday 31st October, we have been trawling all available guidance to bring you some much needed clarity around the coronavirus business support available within the Selby and York areas.

We have summarised this support as best as possible below in an attempt to help guide you through these extremely difficult times however if you are an existing client then please do just pick up the phone and we will talk you through your bespoke options.

Self Employed Income Support Scheme (SEISS)

Probably the biggest 'win' for business owners comes in the form of the SEISS. The Self-Employed Income Support Grant 3 now has a new date set for 30th November. This grant will be for 55% of trading profits (originally this was 20%) for those eligible, up to a maximum of £5,160. It is worth mentioning at this point that in order to be eligible for Grant 3 you must have been eligible for the previous Grants. This does unfortunately appear to exclude Directors of their own Limited Companies.

Bounce Back loan top up

Another great measure of covid support for businesses is that the government has announced that they are changing the rules on the Bounce Back loan from this week. If you haven't taken your full allocation (25% of your turnover) then you are now able to top this right up to the maximum.

Coronavirus Job Retention Scheme (Furlough)/Job Support Scheme

One big change that has rendered a lot of planning and strategising futile is that the Job Support Scheme has been delayed and the furlough scheme has been extended throughout November. The Job Support Scheme is still set to kick in from the 2nd December when the Furlough is set to end. The government contribution for November is set at 80% with employers paying the national insurance and pensions contributions. This brings the scheme back in line with how it operated in August and offers a vital lifeline to those who were at risk of redundancy.

Mortgage Holidays

Good news on this front that the mortgage payments holidays have been extended. Borrowers who have been financially hit by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six-month holiday.

Those who have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

Unfortunately, no new support has been announced for those struggling to pay rent, as soon as we know anything about this we will update this blog accordingly.

Grants for businesses forced to close

It has been announced that pubs will be able to receive a grant for up to £3,000.

The eligibility criteria for pubs are as follows:

  • Rateable value of £15,000 or less can claim £1,334 per month
  • Rateable value between £15,000 and £51,000 can claim £2,000 per month
  • Rateable value of £51,000 and over can claim £3,000 per month

This is as much information as we have available at this time but are very much expecting additional grants for restaurants and gym/leisure facilities amongst others so please keep checking our Facebook and Linked in pages for updates.

Although these are the specific grants available across the nation it is always worth contacting your Accountant or advisors to see what local grants you may be eligible for.

Finally, from everyone at Nunns Accounting, please stay safe, keep yourself focussed on the future and if you need anyone to talk to then we are just on the end of the phone. 

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