Extension of UK business support schemes!

Self-Employment income suportThe UK Governments recent announcement of a second lockdown has seen the need for further measures to support both jobs and the self-employed. The Self-Employment Income Support Scheme Grant has been extended in the form of two further grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.

Who can claim

To be eligible for the Grant extension self-employed individuals, including members of partnerships, must:

a) Have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)

b) Declare that they intend to continue to trade and either:

 – are currently actively trading but are impacted by reduced demand due to coronavirus

 – were previously trading but are temporarily unable to do so due to coronavirus

Business support
Rishi Sunak

What the Grant Extension covers           

The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.

The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant covering 80% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.

The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.

How to claim

The online service for the next grant will be available from 30 November 2020. Follow this link for ongoing details!

Job retention scheme extension (known as furlough)

Job retention schemeDue to the new announcement of the lockdown the UK Government has also extended the furlough scheme through to 31st March 2021. For claims up to January 2021, HMRC will pay 80% of employees’ usual salary, up to a maximum of £2,500 per month.

In January the amount you can get from January to March will be announced. For more details of how to apply for funding for your employees via the Job retention scheme follow this link! 

If you are unsure about what support is currently available for you and your business follow this link and fill out the online Government questions.

Stay safe!

The Guild.