Camden Council support for businesses
On Thursday 22 October, the Government announced a new financial support package for businesses operating in areas of ‘high’ COVID alert level (Tier 2) – such as Camden.
You can find information explaining the Government’s COVID alert system and what each level means for your business at gov.uk/guidance/local-covid-alert-levels-what-you-need-to-know.
At a ‘high’ COVID alert level, grants will be available for local businesses in the hospitality, accommodation and leisure sectors who may be adversely impacted by the restrictions in place.
Cash grants will be available for up to £2,100 per month under these ‘high’ alert restrictions and it will be possible to backdate them. We welcome the Government’s decision to allow the Council to allocate the grants ourselves, ensuring a fair support package for our local businesses.
We are currently awaiting further information from the Government around the grant eligibility and application processes. We will share this information with you as soon as we are able to. We hope that this will be by mid-November. We understand that businesses want certainly as to whether they quality as soon as possible and we are working as quickly as possible to get this information.
Three separate grants will be available nationally to businesses impacted by different Government restrictions:
- Business closure grants for those forced to close by ‘very high’ alert level restrictions (Tier 3) such as pubs and bars. As well as those forced to close by existing national restrictions such as nightclubs.
- The Local Restrictions Support Grant, which provides support to the hospitality, hotel and leisure sectors under ‘high’ alert level (Tier 2) restrictions.
- A discretionary fund for businesses affected by ‘high’ alert level (Tier 2) restrictions but not in the business rate system/covered by the Local Restrictions Support grant categories.
Visit the below link ‘Financial support for businesses and employers’ for the latest information. You can also download the Government’s business grants factsheet.
Job Support Scheme
From 1 November, the Government will launch a Job Support Scheme to replace furlough (the Job Retention Scheme). For many businesses in Camden that are legally allowed to remain open but face decreased earnings due to ‘high’ alert level restrictions, the scheme aims to support employers to keep on staff rather than make them redundant.
Through the scheme, employees only need to work a minimum of 20% of their usual hours and employers will continue to pay as normal for those. For hours not worked, employees will receive 66.67% of their normal pay. This will be made up of contributions from both the Government and their employer, with employers only needed to cover 5% of the salary for hours not worked up to a maximum of £125 a month. The Government will continue to pay the remaining 61.67% of the salary for the hours not worked, up to a maximum of £1,541.75 per month. This will ensure that employees continue to receive at least 73% of their normal wages where they earn £3,125 per month or less.
Employers will be able to claim for the Job Support Scheme from Tuesday 8 December via gov.uk, covering salary periods ending and paid in November.
In addition, employers will continue to receive the £1000 job retention bonus. Under a ‘very high’ COVID alert level (Tier 3) some businesses are required to close and further support will be made available from the Government. For more information visit gov.uk/government/publications/the-job-support-scheme/the-job-support-scheme
The Government’s Self-Employment Income Support Scheme has been extended to provide two more grants each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
The November to January grant will cover 40% of average monthly trading profits, paid in a single instalment covering three months of profit up to £3,750. HMRC will provide details of how to claim via gov.uk in the coming weeks.
For more information visit gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension
Financial support for businesses and employers – www.camden.gov.uk/financial-support-for-businesses-and-employers1#wccq