On Monday evening, it was announced that, once again, England would be heading into lockdown.
Whilst not altogether unexpected, this news was not what we wished to hear for businesses in Hereford as we start a new year. We’ll have to postpone some of our plans, but will be working to share information and updates with businesses as well as provide online services and support where possible.
For more information and guidance regarding this new national lockdown, visit the gov.uk web page here.
New Lockdown Grants
Following the latest lockdown announcement, the Chancellor announced on Tuesday that businesses in the retail, hospitality and leisure sectors would receive a one-off grant worth up to £9,000.
Based on rateable value, these one-off top-up grants will be given to closed businesses:
|Rateable Value||Grant Amount|
|£15,000 or under||£4,000|
|£15,000 - £51,000||£6,000|
Extended Furlough & Loan Schemes
In December, to offer more certainty for businesses in the new year, the government announced that existing Furlough and Loan Schemes would be extended.
The Furlough (Coronavirus Job Retention) Scheme has been extended until the end of April 2021 with the government continuing to pay 80% of the salary of employees four hours they haven’t been able to work. Employers will only be required to pay wages, National Insurance Contributions and pensions for hours worked.
The Chancellor also confirmed that he will extend access to government-guaranteed Covid-19 business loan schemes until the end of March, including the Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Large Business Interruption Loan Scheme. These had been due to close at the end of January.
If you want to find out more about the financial support schemes available to your business, you can use the Financial Support Finder on the government’s website.