Posted October 16, 2020
COVID-19 Support and Grants for Businesses -Tier 3
The Chancellor has announced that the government’s job support scheme will be expanded for businesses that are forced to close due to coronavirus restrictions.
Grant for Wages
If your business is closed, the government will pay two thirds of employees’ salaries (up to a maximum of £2,100 per month).
Under this scheme, the employer will only need to cover the costs of the employers’ NIC and pension contributions.
To be eligible for this grant, the employee must be off work for a minimum of 7 days. The scheme will begin on 1 November and will be available until April 2021.
You will need to claim this grant via a HMRC portal, the portal will be open from early December.
Grant for Premises Costs
There will also be grants worth up to £3,000 per month for businesses that are required to close. These grants will be based on the rateable value of the property occupied by the business.
- Properties with a rateable value of £15,000 or under will receive grants of £667 per two weeks of closure.
- For properties with a rateable value of over £15,000 and less than £51,000 the grant is £1,000 per two weeks of closure.
- Properties with an rateable value of £51,000 or over will receive grants of £1500 per two weeks of closure.