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Central Government Support

Up to the minute advice from the Government can be found here

This includes travel advice and guidance on staying at home, as well as ongoing key information related to Coronavirus.

New National Restrictions from 5 November and the extension of the Coronavirus Job Retention Scheme, known as the furlough scheme

As a result of the Prime Minister's announcement on 31 October, announcing new national restrictions in England, the Coronavirus Job Retention Scheme, known as the furlough scheme, will remain open until December, with employees receiving 80% of their current salary for hours not worked, up to a maximum of £2,500.

The full guidance can be found here.

Coronavirus Job Retention Scheme 

The government has launched a new calculator to help employers with their next Coronavirus Job Retention Scheme (CJRS) claims.

Employers can use the calculator to work out how much they have to pay their furloughed and flexibly furloughed employees, how much they can claim for employer National Insurance contributions and pension contributions and how much they can claim back.

Click here to access the new job retention calculator. Note that the calculator will be updated to reflect changes to the scheme over the coming months.

In addition, employers can now also download a template if you are claiming for 100 or more employees through the Coronavirus Job Retention Scheme (for claims on or after 1 July 2020). Click here to download the new template here: 

Find coronavirus financial support for your business

Government has created an interactive tool to help businesses and the self-employed identify what support they may be able to benefit from. Click here to find out more.

Please find a summary below of some of the most relevant Government support packages:

Future Fund

The £500m Future Fund enables innovative and high-growth British businesses the ability to secure investment to help them through the coronavirus outbreak.

UK-based companies can apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation in sectors as diverse as technology, life sciences and the creative industries.

The Future Fund is open to UK-based businesses that have previously raised £250,000 in equity investment from third parties in the last 5 years. Businesses should have at least 50% of their employees based in the UK, or generate at least half of their revenue through UK sales, and will also need to have private investors to match the Government investment. Match fund investors will be encouraged to sign the Treasury’s Investing in Women Code, which commits to improving female entrepreneurs’ access to tools, resources and finance.

The Government will amend the rules of the Enterprise Investment Scheme, which provides tax relief to investors in high growth firms, to protect Future Fund investors from losing relief on any previous investments made prior to any investment through the Future Fund.

The Fund will be open until the end of September 2020 and is being delivered in partnership with the British Business Bank. For further details and eligibility criteria, click here

Bounce Back Loans

Through the new Bounce Back Loan scheme, small businesses will be able to borrow between £2,000 and £50,000 and access the cash within days.

The scheme will launch for applications on Monday 4 May. Businesses will be able to apply online through a short and simple form and access these loans through a network of accredited lenders.

The Government will provide a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months and Government will work with lenders to agree a low standardised level of interest for the remaining period of the loan. For further details, click here

HMRC’s Time to Pay Service

Any business or self-employed people in financial distress and with outstanding tax liabilities may be eligible for support with tax.
For Time to Pay support if you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated Coronavirus helpline on 0800 0159 559.

Coronavirus Business Interruption Loan Scheme

What is it?
The temporary Coronavirus Business Interruption Loan Scheme supports small and medium-sized businesses with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years. Large business? Please see the update below

The Government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

The scheme will be delivered through commercial lenders, backed by the Government-owned British Business Bank.

There are 40 accredited lenders able to offer the scheme, including all the major banks.

Am I eligible?
You are eligible for the scheme if:

 - your business is UK based, with turnover of no more than £45 million per year
 - your business meets the other British Business Bank eligibility criteria

How do I access it?
You should apply via your lender’s website or through one of the 40 accredited finance providers offering the scheme (and not the British Business Bank). Direct links to accredited finance providers offering the scheme in the Solent LEP area can be found below and a full list of accredited finance providers can be found here.

 When can I access it?
The scheme is now open for applications. All major banks are offering this scheme.

How do I apply?

Click here to go to a page where you will be taken through the steps on how to apply.

Now Extended to Large Businesses

The Government have extended the loan scheme for large businesses affected by coronavirus. Business with turnovers of more than £500 million were originally not eligible for the scheme, however, all firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance, and up to £50 million for firms with a turnover of more than £250 million. The Scheme is being made available through a series of accredited lenders, listed on the British Business Bank website, and firms are asked to apply through their lender’s website in the first instance.

Innovate UK

Innovate UK have established a coronavirus business support package, with a range of products available to support existing Innovate UK award recipients and new projects.

Click here for further information on the package 

Click here for information and to apply for current innovation funding competitions

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