Other support for businesses
The Government have announced a Job Support Scheme which is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19 and help keep their employees attached to the workforce. The company will continue to pay its employee for time worked, but the cost of hours not worked will be split between the employer, the Government (through wage support) and the employee (through a wage reduction), and the employee will keep their job. The Government will pay a third of hours not worked up to a cap, with the employer also contributing a third. This will ensure employees earn a minimum of 77% of their normal wages, where the Government contribution has not been capped. The scheme will open on 1 November 2020 and run for 6 months.
Help is available for those who are ineligible for Statutory Sick Pay, such as the self-employed, to access benefits more quickly if they have to self-isolate. Find out more about the support on the GOV.UK website.
A telephone helpline to support businesses and self-employed people who are concerned about paying their tax due to coronavirus. Contact the HMRC helpline on 0800 0159 559.
Find out more about the support on the GOV.UK website.
Applications for the London Business Hub’s COVID-19 Recovery Grants will open on Friday, 16th October at 10.30am. Funded by the European Regional Development Fund (ERDF), eligible SMEs will be able to secure grants of between £1,000 – £5,000 to help them access professional, legal, financial or other advice and /or new technology and other minor equipment to address their immediate needs in response to the impact of COVID-19. SME’s can apply for 100% of the costs, but please note that funding will be paid in arrears. Therefore, after they have accepted the offer and have purchased and received the support or items that the grant has been approved for. In all instances we need to see copies of supplier’s invoices and a copy of the statement from the dedicated bank account for the business, evidencing that payment has been made to the relevant suppliers. Eligible applicants will have one calendar month, from the date of the grant offer letter, to accept the offer and purchase and receive the support/items that the grant has been approved for and submit a grant payment claim. Please note that the VAT element of any support or purchase is not eligible for grant support. It is also worth noting the grant cannot retrospectively fund activity that has already started.
All information and criteria to assess an SME’s eligibility and prepare for the grant application are now available on the London Business Hub's website