Over the past 3 months the government has responded to the devastating financial impact of Covid-19 on businesses with a number of packages of support to help businesses of all sizes – SMEs, the self-employed and also larger businesses.
Ranging from support to help pay employees and business owners, to grants and loans and also tax deferral schemes, the packages of support have been wide reaching.
However, with changes being made to some of the support and deadlines looming for businesses to apply for some elements of support, many are confused about what support is available and how to access it.
To help our clients we have created a handy guide for businesses of all sizes to understand the support available to them and to find out more, including links to apply for support under the various schemes.
Our guide provides information about all the schemes under the headings:
- Support to pay your employees / staff / yourself;
- Support with payment of taxes / rates; and
- Access to funds / money – grants and loans.
We have also highlighted where there are changes the support available.
Act now to beat the 10th June furlough deadline
This scheme is changing on 1 July and only employees who have completed a full 3 weeks furlough by 30 June 2020 will be eligible for furlough from 1st July. Therefore, if you have not already done so, please ensure you have furloughed any staff that you need to by 10th June to enable your business to benefit from the maximum financial support under the existing scheme – 80% of their wages up to a maximum of £2,500 per month. The scheme is changing from 1st July and support is starting to taper off from August with employers required to start making increasing contributions (month on month) until the scheme ends on 31st October.
Please read the guide for further information.
Here to Help
Please do get in touch if we can help in any way.