30 April 2020
COVID-19 Support

Grant Funding Schemes: Click here

The Government’s support for business through both the Small Business Grant and the Retail, Hospitality and Leisure Grant schemes are proving a welcome source of relief to many businesses across Waveney. 

East Suffolk Council have been processing grants as quickly as is practically possible and have paid 99.4% of all applications received to date.  

Whilst thousands of businesses are benefiting from this funding, I do recognise that, due to issues arising from the business rates system, not all businesses are eligible for grant funding. I am working with the Government to broaden the eligibility criteria to ensure the needs of businesses locally are met.

 

Coronavirus Job Retention Scheme: Click here

It is very good news that wages for furloughed employees are now being paid through the Coronavirus Job Retention Scheme, a week after claims opened. This means that payments for claims made on Monday 20 April will have now reached employer’s bank accounts.

If you are an employer in Waveney and have not yet received a payment, please note the process takes six working days from the date the claim submitted. 

If you are an employer in Waveney and have not yet made a claim, you can still claim online for a grant for 80% of your furloughed employees’ salaries, up to a maximum of £2,500 per employee, per month.

Whilst this scheme has been very much a success, I am lobbying Government to achieve alterations to the CJRS on behalf of those who were due to change jobs during this period and were not registered on a payroll at 19th March 2020.

I am also campaigning on behalf of seasonal workers in the tourism industry who have seen their incomes much reduced and in addition for ‘flexible furloughs’ on behalf of the local tourism industry.

 

Bounce-back Loan Scheme: Click here

In addition to the grant funding schemes, the Government has announced the ‘Bounce Back Loans Scheme,’ a 100% government-backed loan scheme that will enable small businesses to borrow up to £50,000, which has been designed to make such funds available quickly. 

The ‘Bounce Back Loan Scheme’ will provide lenders with a 100 % guarantee for the loan and there will be no fees or interest to pay for the first 12 months.

 

Self-employment Income Support Scheme: Click here

If you're self-employed or a member of a partnership in the UK and have lost income due to coronavirus (COVID-19), you may able to apply for a grant through the Self-employment Income Support Scheme.

At present, the scheme is open to those who have lost trading profits due to coronavirus and have submitted Self-Assessment tax returns for the tax year 2018 to 2019 and traded in the tax year 2019 to 2020. It is a requirement for self-employed people to be trading at the time of application and intend to continue to trade in the tax year 2020 to 202.

For those who meet these requirements the scheme offers taxable grant worth 80% of trading profits up to a maximum of £2,500 a month. It will be available for 3 months, but may be extended after this period.

HMRC will aim to contact those eligible for the scheme by mid May 2020 and advise those to claim using the GOV.UK online service.

Whilst the online service is not yet available, those experiencing financial hardship are able to make a claim for Universal Credit in the meantime.