Blog
Posted October 22, 2020
COVID-19 Support and Grants for Businesses -Tier 2
Announced 22/10/2020
The Chancellor has announced an extension to the government’s job support scheme. Below is an outline of the support available to businesses that are struggling due to the coronavirus pandemic.
Grant for Wages
From 1 November the Job Support Scheme is being introduced. The Chancellor announced in the Winter Economy Plan that employees would have to work for a minimum of 33% of their normal hours, this has now been reduced to a minimum of 20% which needs to be paid by the employer.
Of the unworked time, the employer will now only have to cover 5% of the unworked hours.
To be eligible for this grant the employee must have been included on an RTI submission prior to 23 September 2020.
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, which will be open from early December.
Grant for Self-Employed
The grants available for self-employed individuals will be increased from 20% to 40%, details of these grants were announced in the Winter Economy Plan, the eligibility criteria is the same as the SEISS.
Grant for Premises Costs
There will also be grants worth up to £2,100 per month for businesses that are in high-alert areas (tier 2) that are not required to close but have been significantly impacted by COVID. 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 £934 per month.
- For properties with a rateable value of over £15,000 and less than £51,000 the grant is £1,400 per month.
- Properties with an rateable value of £51,000 or over will receive grants of £2,100 per month.
These grants are aimed primarily at the hospitality, accommodation and leisure sectors. The grants are available retrospectively to businesses in tier 2 that are impacted by the restrictions.
SERVICES
LATEST NEWS
CATEGORIES
- Blog (128)
- Business Advice (44)
- Just For Fun (16)
- Tax Tips (24)
- Video (8)