This week we look at the latest Government announcements and updates on supporting businesses during the pandemic.
Coronavirus Job Retention Scheme
The Government scheme to keep employees in their jobs who are unable to work due to coronavirus is now live, and available for businesses of all sizes to access.
Under the scheme, Government will pay 80% of wages, up to the amount of £2,500 a month if workers are put on leave.
With the capacity to process up to 45,000 applications an hour, HMRC will process payments and businesses will receive the money in 6 working days of making the application. If you want to receive payment by 30th April, you will need to complete application by 22nd April 2020. The scheme has also been extended until the end of June due to the extended lockdown restrictions.
How to make a claim
HMRC have created a step-by-step guide on how to make a claim, click on this link.
They have also produced a calculator to help you work out you claim, click on this link.
Here is the link to make the claim.
You can also register for a webinar HMRC are hosting to provide an overview on the scheme, register for the live webinars here.
Vital funds to keep innovative companies and high growth companies
This week the UK Treasury has announced a significant new intervention to support lending to startups and early stage scaleups.
The £1.25bn fund includes:
- A £500m co-investment fund for high-growth companies impacted by the crisis. Companies who match the criteria who have venture capital backers will gain matched private sector money with state-backed loans that can convert into equity stakes. This scheme will launch in May through the British Business Bank and provide UK-based businesses with between £125,000 and £5m of Government funding. The terms of the Future Fund can be found here.
- £750 million of loans and grants for innovative businesses will be available through Innovate UK’s grants and loan scheme. This is available to businesses who pass an ‘innovation assessment’. Details will be available in due course.
Support Package Calculation Tool
For those businesses owners who are unsure what they are eligible for, the Government have launched a new calculation tool to help you find the right coronavirus support, such as grants, loans and tax reliefs. The support finder will help you to find out what support is available to you and your business, simply click on this link.
#HereToHelp
If you prefer to speak to someone about the support available both locally and nationally, Growth Platform have a dedicated team who are #heretohelp you access the right support for you, simply call 0151 705 1985