Last updated: 20th November
All the government support for people and businesses is detailed on the Government website. The ‘support finder’ tool will quickly identify the financial support that is available to you. Find out more here.
The government announced a national lockdown for the period 5th November to 2nd December 2020 and has introduced new financial support measures to help businesses and the self-employed during this time.
Local Restrictions Support Grant and Additional Restrictions Grant:
For businesses required to close due to national ‘lockdown’ restrictions, a new Local Restrictions Support Grant has been introduced. Grants of up to £3,000 will be given to businesses that meet the government’s eligibility criteria. This grant will be administered by your local authority. Please note each local authority will be publishing their application process and local guidance on their website so please keep checking their web page for further information. (please see table below for the contact details and website links)
Local authorities have also been provided with Additional Restrictions Grant funding which will support businesses that have had their trade affected by the restrictions. This includes, closed businesses that don’t pay business rates and businesses that have not been required to close, but are still severely impacted. Each local authority has the discretion to establish business grant schemes or other business support as best fits their area.
Further government schemes include:
- Job Retention Scheme – This has been extended to 31 March 2021. Furloughed employees will have 80% of their salary paid for by the government. How to apply and guidance can be found here.
- Self-Employed Income Support Scheme – The self-employed can apply for government grants covering the months November 2020 to January 2021 and February 2021 to April 2021. The online service for the next grant will be available from 30th November 2020. Full details on eligibility and how to apply can be found here.
- Kickstart Scheme – Employers can receive up to 6 months salary for new jobs they create for young people aged 16-24. More information and how to apply can be found here.
- Job Retention Bonus – employers will receive a one-off payment of £1,000 for every furloughed employee who remains continuously employed through to the end of January 2021. You will be able to claim it between 15 February 2021 and 31 March 2021. Further details can be found here.
If you would like to view the Winter Economy Plan, you can do so here.
For the attention of Hampshire hospitality, leisure and tourism businesses
- Displaying NHS QR code posters to support the NHS COVID-19 app is now a legal requirement for all venues open to the public which are already being asked to use a logbook for Test and Trace. A list of designated business and venues is available here.
Financial support administered by your local authority
For more information on support from your local authority, please head to their dedicated Covid-19 web page on their website. (you will need to click on the table below to access the links, this will open as a PDF file for you)
Financial Support from the Banks
There several loan schemes available for businesses. The application deadline for the below schemes has been further extended until 31 January 2021.
- Business Interruption Loan Scheme – for SMEs with a turnover of no more than £45M per annum.
- Large Business Interruption Loan Scheme (CLBILS) provides finance to mid sized and larger businesses, with an group turnover of more than £45 million per annum. The maximum amount available through CLBILS to a borrower and its group has now increased from £50m to £200m.
- Bounce Back Loan Scheme for small and medium-sized businesses who need to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there will not be any fees or interest to pay for the first 12 months.
- The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
The full rules of the above schemes and guidance on how to apply is available on the British Business Bank website.
- Corporate Financing Facility – this involves the Bank of England buying short term debt from larger companies. The CCFF will close for new purchases from eligible issuers with effect from 23 March 2021.
Other support
- Statutory Sick Pay (SSP) for businesses that employ fewer than 250 employees.
- Tax deferral is available for firms and individuals who are in temporary financial distress and have outstanding tax liabilities. Please call HMRC’s dedicated helpline: 0800 0159 559.
- Deferral of self-assessment payment on account. You have the option to defer your second payment on account if you are registered in the UK for self-assessment and are having difficulties to make a payment.
- Funding streams – Several organisations have launched funding programmes to assist local organisations in responding to the challenges Covid19.
- There are several Business Representative Organisations and Trade Associations in the UK offering sector specific guidance and are happy to hear from non-members and members alike, so do get in touch to find out more.
Local support
You can also find free support, advice, and information on sources of finance through your local Growth Hub.
- The EM3 Growth Hub have a dedicated helpline for business and can provide one to one support and advice, access to information, webinars and other sources of support for businesses in the EM3 region.
- The Solent Growth Hub are working with several partners to identify additional support for businesses in the Solent region including additional funding and advice. On the Coronavirus Support Hub you will find a page dedicated to the support being offered.
If you have a query that isn’t covered by this guidance you can contact the Government Business Support Helpline.
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