LATEST BFA UPDATE ON ECONOMIC SUPPORT AVAILABLE

Dear members,

Please find below a summary and links to the government’s guidance on the extension to the furlough scheme (CJRS). I have also added the details of the further economic support available which may help businesses through the second lockdown period.

Our HR partner, Petaurum are currently compiling detailed guidance for members regarding the CJRS, along with template letters that you may need to support the extended scheme. I will of course send these to you as soon as they are available.

The Coronavirus Job Retention Scheme (also known as the furlough scheme): has been extended to December 2020. You can check to find:

(NB. The Job Support Scheme (JSS) will not be introduced until after Coronavirus Job Retention Scheme ends.)

Self-Employment Income Support Scheme Grant Extension:  The grant is being extended from 1 November 2020. The grant will be increased from the previously announced level of 40% of trading profits to 80% for November 2020. Find out if you are eligible and how much you can get.

Business Grants: Business premises forced to close in England due to local or national restrictions will be eligible for the following:

  • For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
  • For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
  • For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

Business grant policy is fully devolved. Devolved Administrations will receive Barnett consequentials which they could use to establish similar schemes.

Loan schemes: application deadlines extended to January 31 2021: The application deadlines for the coronavirus Bounce Back LoanCoronavirus Business Interruption LoanCoronavirus Large Business Interruption Loan Scheme and coronavirus Future Fund have been extended  until 31 January.

Members can also view the statutory regulations for the national Covid-19 restrictions here. The document is heavy in “legalese” but pages 18 to 31, including the Schedule, will be of most note for businesses.

Together we are stronger,

Lucy

Lucy Reece-Raybould
BFA CEO