As we come towards the end of a difficult week where the Covid-19 support for businesses has been evolving, we have provided below a summary of the government support initiatives available to Kingston businesses.
We appreciate that you are receiving Covid-19 briefings daily from a number of sources. We will be limiting our e-bulletin to a weekly roundup unless there is exceptional or time-sensitive breaking news which we will get to you within two hours.
This week’s round-up
The Coronavirus Job Retention Scheme
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What: The scheme provides financial support for employers to continue paying part of the salaries of workers who would otherwise have been laid off during this crisis. The scheme will apply to those designated as ‘furloughed workers’. HMRC will reimburse 80% of furloughed workers’ wage costs, up to a cap of £2,500 per month.
- To Find Out More: Details on this scheme and how to apply are yet to be announced and we will share information as it becomes available.
Business Grants
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What: The government has announced two non-repayable grants:
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If you qualify for Small Business Rates Relief (i.e. you have a rateable value of £14,999 or less) you are eligible for a grant of £10,000.
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If you are a retail, leisure or hospitality business and have a rateable value of between £15,000 and £51,000, you are eligible for a grant of £25,000.
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- To Find Out More: Both of these grants will be administered by Kingston Council. The Council are awaiting instructions on the process for these grants from government. The Council anticipate these being available in mid-late April – we will update you further when we have more information.
Business Rates
- What: The government has confirmed a 12 month business rates holiday for retail, hospitality and leisure business. This week, the scheme has been extended to include estate agents, employment agencies, betting shops and bingo halls.
- Further information:
- Kingston Council have confirmed that ratepayers eligible for this support will not need to make an application. Those who qualify will automatically be sent a revised bill in the post.
- The Council is recommending that businesses register online in order to view their business rates account; this can be easily done by following this link. By registering online you will be able to see if this relief has been applied to your account before bills are posted.
- If you are continuing to pay business rates, the Council can change payment plans by one month to start in May. If this is agreed with the Council, ratepayers will get a revised bill to confirm this.
- The Council expect to have implemented the grants outlined above by the time the May instalment falls due. In the meantime, the Council is planning to not collect April direct debit instalments from rate payers who might qualify for the 100% retail relief.
- Contact Kingston Council’s business rates team on business.rates@kingston.gov.uk for urgent enquiries about your business rates.
Coronavirus Business Interruption Loan Scheme (CBLS)
- What: A new Loan Scheme is now open for applications to help businesses access bank lending and overdrafts. It is delivered through 40 commercial lenders and backed by the British Business Bank. Small businesses can apply for up to £5m.
- To Find Out More: Visit the British Business Bank website.
Self-Employed Income Support Scheme
- What: Announced yesterday, self-employed workers can apply for a taxable grant worth 80% of their average monthly profits up to £2,500 to help them cope with the financial impact of Covid-19. The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.
- To Find Out More: Businesses will be automatically notified through HMRC if they are eligible. To find out more, visit this page.
For a full overview of the financial support available, visit the government’s new business support website.
For more support and news:
In order to ensure that you, our members, are fully supported throughout this unprecedented and challenging period we are running the ‘Kingston First: Covid-19 Business Advisory Service’.
A dedicated page on www.kingstonfirst.co.uk will house helpful documents and guidance for businesses and employees, industry updates, local news from Kingston Council and general health and safety guidance in accordance with government regulations. Our team are also on hand to help you navigate the government’s initiatives to support business.
Get in touch:
For further information or to speak to our team, please contact us 9am-5.30pm, Monday to Friday, by:
- Calling 0208 547 1221
- Emailing: support@kingstonfirst.co.uk
- Or follow us on LinkedIn for the latest updates
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