SUPPORT FOR BUSINESSES

InvestSK is here to help businesses quickly find the support they need to cope with the impact of the coronavirus (COVID-19) outbreak.

 

Get in touch with our business support team via email: business@investsk.co.uk.

Coronavirus Job Retention Scheme extended

The government is extending the CJRS to support individuals and businesses who are impacted by disruption caused by coronavirus (COVID-19) this winter. This is an extension of the CJRS and the scheme rules will remain the same except where we say otherwise.

 

The CJRS (also known as the furlough scheme) will remain open until 30 April 2021. For claim periods running to January 2021, employees will receive 80% of their usual salary for hours not worked, up to a maximum of £2,500 per month. The £2,500 cap is proportional to the hours not worked.

 

Claims for furlough days in December 2020 must be made by 14 January 2021. You can no longer submit claims for claim periods ending on or before 31 October 2020.

 

Claims can be made by employers across the UK that meet the eligibility criteria.

 

To find out more, please click here.

 

The launch of the Job Support Scheme has been postponed because of national developments related to the coronavirus pandemic.

 

The Job Retention Bonus (JRB) will not be paid in February 2021 and a retention incentive will be deployed at the appropriate time. The purpose of the JRB was to encourage employers to keep people in work until the end of January. However, as the CJRS is now being extended to 31 March 2021, the policy intent of the JRB no longer applies.

Self-Employment Income Support Scheme extended for round three

The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and February 2021 to April 2021.

 

To be eligible for the grant extension self-employed individuals, including members of partnerships, must:

 

– have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)

– declare that they intend to continue to trade and either:

    • are currently actively trading but are impacted by reduced demand due to coronavirus
    • were previously trading but are temporarily unable to do so due to coronavirus

 

The extension will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period.

 

The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.

 

Visit the gov.uk website to find out more.

Kickstart Scheme

The Kickstart Scheme provides funding to create new job placements for 16 to 24 year olds on Universal Credit who are at risk of long term unemployment. Employers of all sizes can apply for funding which covers:

 

– 100% of the National Minimum Wage (or the National Living Wage depending on the age of the participant) for 25 hours per week for a total of 6 months

– associated employer National Insurance contributions

– employer minimum automatic enrolment contributions

 

Employers can spread the start date of the job placements up until the end of December 2021.

 

The Kickstart Scheme has changed

 

You no longer need a minimum of 30 job placements to apply directly for a grant.

You can now apply for a Kickstart Scheme grant by either:

  • applying online yourself
  • getting help from a Kickstart gateway who is already working with the Kickstart Scheme

 

Further funding is available for training and support so that young people on the scheme can get a job in the future.

 

Find out more here.

Businesses can access free expert advice to help them bounce back from coronavirus (COVID-19)

The Recovery Advice for Business scheme, supported by the government and hosted on the Enterprise Nation website, will give small firms access to free, one-to-one advice with an expert adviser to help them through the coronavirus pandemic and to prepare for long-term recovery. The platform is now live.

 

Advice offered will include bespoke, specialist assistance from accountancy, legal, and advertising to marketing, recruitment and digital to help businesses adapt to difficult circumstances and to bounce back as the UK economy recovers.

 

Click here to head to the Enterprise Nation website where you’ll be able to access support and advice and help your business recover from the impact of the pandemic.

 

Further support for enterprises is also available locally from a number of other resources:

 

If your business is in or around the Deepings, you might like to contact the Deepings Business Support Group. This great initiative has been established by a number of local bodies and is geared towards urgent support for small and micro businesses particularly, find out more.

 

Alternatively, InvestSK is also aware of other local organisations who have been advertising free support for larger companies:

 

WLP is a firm of experienced business consultants and advisers who have made their first consultation free of charge. Please contact enquiry@w-l-p.co.uk .

 

If your business has a turnover >£1million and more than 6 full time staff, you might like to access the Business Rapid Response Mentoring Programme, offered by the Growth Company. Further details are available from iain.crighton@growthco.uk

 

It should be noted that in offering this advice, InvestSK does not warrant or guarantee any level of service, terms or conditions of any of the above schemes.

Resources by public bodies, organisations and charities that may be useful to employers and employees

Public bodies, organisations and charities have produced additional resources to help both employers and employees manage through coronavirus (COVID-19) crisis.

 

Click here to find out more.

Business Lincolnshire

The Business Lincolnshire Growth Hub provides direct support to businesses across Lincolnshire to help cope with the effects of the coronavirus outbreak.

Business Lincolnshire offers:

  • The latest news, guidance and support for businesses affected by the coronavirus outbreak
  • Funding available to help businesses cope with the effects of the pandemic
  • Support from a dedicated team of business advisers
  • Regular updates via the Business Lincolnshire bulletin

Visit: www.businesslincolnshire.com

Or call 01522 782189 and select option 3 to talk to one of their specialist business advisers.

Business support for providers to South Kesteven District Council

If you provide goods or services to South Kesteven District Council on a regular basis, then the Council will consider making changes to your contract to support cash flow.  Please contact them via accoutancy@southkesteven.gov.uk in the first instance, where they will send out a template to help understand your costs.

Business Representative Organisations and Trade Associations are providing coronavirus related support for specific sectors

The government is working closely with Business Representative Organisations and Trade Associations to support the national response to coronavirus.

 

Click here to find sector specific information and a list of organisations you can speak with to get advice. Many of these organisations are also happy to respond to non-member queries related to coronavirus. The websites also include sector-specific guidance and Q&A. This list does not cover all trade associations and business representatives.

Mental health support for businesses

The Mental Health Foundation has released a PDF outlining mental health issues in the workplace and how to support employees effected by mental health issues, click to find out more.

Contact Us

Want to talk? Call us, send an email or fill in our contact form and we’ll get straight back to you.

InvestSK, St Peter’s Hill, Grantham, NG31 6PZ