05 Jan Coronavirus Financial Assistance – 5.1.21
Following the announcement made last night by the Prime Minister, Boris Johnston, England has now also entered a full lockdown. This morning the Chancellor has announced a new batch of grant funding which is to be made available to businesses which have been made to close, devolved nations and local authorities.
One-off top up grants will be available for retail, hospitality and leisure businesses worth up to £9,000 per property. These will be available to businesses who have had to close. As more information becomes available we will update you again.
- £4,000 available for businesses with a rateable value of £15,000 or under.
- £6,000 available for businesses with a rateable value between £15,000-£51,000.
- £9,000 available for businesses with a rateable value of over £51,000.
A further £594 million is being made available for local authorities and devolved administrations to support other businesses who are not eligible for the grants but might have been effected by the restrictions.
- Scottish Government to receive £375 million.
- Welsh Government to receive £227 million.
- Northern Ireland Executive to receive £127 million.
As further information and application portals become available for these new grant schemes we will keep you informed. You can read more on the new grant update here.
Businesses can also make use of the extended Coronavirus Job Retention Scheme (furlough) which is available until April.
There is also still time to apply for the third Self Employed Income Support Scheme grant. Your business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which you reasonably believe will have a significant reduction in your profits. The third taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. If you’re eligible, you must make your claim for the third grant on or before 29 January 2021. Further information about the SEISS can be found here.
As the DHCO offices are now closed due to the new lockdown restrictions, please get in touch with your main contact if you need to send us any documents or information relating to tax return etc.
As always, please do not hesitate to get in touch by emailing email@example.com if you need any assistance.
The Douglas Home & Co Team