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Changes to support measures for businesses impacted by COVID-19

Changes to support measures for businesses impacted by COVID-19

April Foster

With the second lockdown now in place across England, and many businesses required to close, the government has announced changes to the support measures available including the Job Retention Scheme (Furlough Scheme), Bounce Back loans and local council grants.

Extension of the Job Retention Scheme
The Coronavirus Job Retention Scheme is now extended until 31 March 2021 and from 1 November 2020 you can claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.

Please note: 30 November 2020 is the last day employers can submit or change claims for periods ending on or before 31 October 2020.

Claims can not be made more than 14 days in advance of the claim period end date.  Therefore claims to 30 November 2020 can be submitted from 16 November 2020.
Additionally HMRC have issued deadline dates for monthly submissions. Claims must be submitted no later than 14 days after the month end.  Claims to 30 November 2020 must be submitted by 14 December 2020.

Moore member firm Moore Kingston Smith have created some useful FAQs for more information about the extension of the Job Retention Scheme.

For further information on who can apply and eligibility, click here to view the government guidance.

Bounce Back Loans
The application deadline for Bounce Back loans has been extended to 31 January 2021.

Additionally, the government has announced new options to top up existing loans, extend the loan period, make interest-only repayments, or pause repayments.

To find out more about Bounce Back Loans and how to apply, click here

Local Authority Grants
The government is planning to issue updated guidance for the Local Restrictions Support Grants within the next week.  We will keep you updated as soon as further information is available.

If you need further help or advice about this or any of the measures in place to help businesses affected by the coronavirus, please contact your usual Moore adviser.