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The Chancellor announced firms would be able to bring workers back from furlough part-time from July 1 and pay them for the hours worked. Employers would have to pay National Insurance and pension costs for furloughed staff from August, then from September they would have to pay 10% of furloughed staff wages and 20% from October. The scheme would cease at the end of October. The Chancellor also confirmed that if employers would not contribute to furlough, the Government would not pay either.
A similar scheme for the self-employed – The Self-Employment Income Support Scheme – was extended until August, capped at a maximum payment of £6,570.
Many local authority discretionary grant schemes opened yesterday, others will open on June 1, depending on which local authority area your business is in. For full details click on the links below:
Thousands of shops will be able to re-open next month, providing they are ‘COVID-19 secure’. Outdoor markets and car showrooms will be able to reopen from June 1, while non-essential retail will re-open from June 15. Full details are available here.
The Government has released details of what businesses need to do to be COVID-19 secure – read the official workplace safety guidelines for the retail sector here.
The Coronavirus Sick Pay Scheme opens for applications today. Apply online here.
The Treasury has extended the size of loans available to larger businesses which have been affected by Coronavirus. Companies will now be able to receive up to £200 million from the Coronavirus Large Business Interruption Loan Scheme (CLBILS), which previously had a maximum payout of £50 million. Loans under the expanded scheme will be made available to firms from Tuesday, May 26.
The Government has announced it will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance. More details can be found here.
Government has confirmed the extension of the Coronavirus Job Retention Scheme (furlough) until October for workers across all sectors. The Chancellor said the scheme would be made more flexible, cover all regions and sectors and allow employees to work part-time. More details here.
The Government has published its ‘COVID-19 Recovery Strategy‘, which sets out three conditional steps to getting businesses back up and running. The Government has encouraged people to continue working from home if they can, but to go into their workplace if they cannot work from home and can safely socially-distance in the workplace.
In step two, non-essential retail businesses could re-open from June 1 – further details about which businesses this would cover have yet to be announced.
Step three would include hospitality venues including pubs, restaurants and accommodation, leisure facilities such as cinemas and personal care providers such as hairdressers. This would be no earlier than July 4.
A three page executive summary has been produced by the British Chambers of Commerce and can be found on our specialist COVID-19 advice page by clicking here.
Or you can read the Government’s full recovery strategy online here.
Bounce Back Loans are now open. Small and medium-sized businesses can apply for up to £50,000 with an accredited lender and the money should arrive within days. 100% Government guaranteed. No interest, fees or repayments for the first 12 months.
The Self-Employment Income Support Scheme (SEISS) will open for applications from 8am on May 13. People can check their eligibility online here.
On this page you will find links to key Government Coronavirus grants and loans, as well as the latest advice for businesses and employers.
We are working closely with the British Chambers of Commerce and other leading business organisations to ensure our members’ views and concerns are heard at the very highest levels.
We are also working with our members to run remote, online workshops to provide professional and expert advice for businesses on topics such as HR, furlough and financial support. Please see our Chamber events page for more information and our webinar section for the latest expert advice.
Our Chief Executive, Stephen Henagulph, is also holding a weekly webinar at 10am every Wednesday to discuss the latest developments and support packages available to businesses across Somerset. To join the call, please email Alistair Tudor at firstname.lastname@example.org for dial-in details.
The Government has set out a package of temporary and targeted measures to support public services, people and businesses. Full details can be found on the dedicated Government COVID-19 Business Support website by clicking here.
The package of measures to support businesses includes:
If you are not sure what financial support your business may qualify for, use the Government’s online business support finder by clicking here.
The BCC has a dedicated site with the latest COVID-19 advice for business. It can be found here.
Our members specialise in a wide range of industries and disciplines and many are offering free support and advice on a range of Coronavirus-related topics. More information can be found on our members’ Coronavirus news page by clicking here.