Last week was certainly eventful, with announcements on new government schemes, extensions to current ones and of course some new restrictions that affect businesses too. So we’ve collated what you need to know in this blog for you.
Job Support Scheme: Under this new scheme, a company will continue to pay its employee for time worked, but the Government will pay up to a third of hours not worked, with the employer also contributing a third. To qualify, the employee must work at least 33% of their usual hours. The scheme will open on 1 November 2020 and run for 6 months. Find out more here.
Self Employment Income Support Scheme: The SEISS is to be extended to cover the six months of November 2020 to April 2021. The initial lump sum to those eligible will cover three months’ worth of profits for the period from November to the end of January 2021, worth 20% of average monthly profits up to a total of £1,875. There will be an additional second grant to cover the period from February 2021 to the end of April. Find out more here.
New Statutory Guidance for Hospitality Sector: As of Friday 25 September additional measures came into force for the hospitality sector, namely that pubs, restaurants and hospitality settings will be required to close at 22:00 and table service will continue to be required in all hospitality premises. Find out more here.
Additionally, after some initial confusion, it’s been confirmed that the new restrictions on one household per house do apply to self catering accommodation. Find out more here.
The Bounce Back Loan Scheme: The Bounce Back Loan Scheme (BBLS) helps small businesses to borrow between £2,000 and up to 25% of their turnover. It has now been extended until 30 November 2020. If you haven’t already applied for a BBL, it’s well worth considering, with 12 months repayment holiday and up to 10 years to repay at a low rate of interest. Find out more here.
Talking Tenders with Fife and Tayside: An opportunity to to hear from Procurement Officers and Economic Development Officers at Fife Council, Angus Council, Dundee City Council, and Perth and Kinross Council, who will help suppliers to learn about local authorities in Fife and Tayside, understand how their tender processes work, find out about where they advertise tender opportunities and gain an insight into upcoming tender opportunities. Takes place on Tuesday 6 October 2020, 2.00-3:30pm. Find out more here.
Young Enterprise Scotland Volunteer Assistant: Young Enterprise Scotland is a national charity that supports young people to successfully earn and manage money. They are recruiting for a part time Volunteer Assistant to help meet their mission of #EnterpriseForAll. Closing Friday 16th October. Find out more here.
We know this is an anxious for self-employed and business owners, so please get in touch if you are in need of support.