Welcome to our COVID-19 Information Hub
These are turbulent times and things are proving difficult to say the least, but we are here to help
We have set up a COVID-19 hub page to provide you with access to the major online platforms and other regular news updates to ensure you have as much helpful information as possible. We understand that your business may be affected by this unforeseen outbreak and we hope that the content provided will reassure, inform and go some way to reduce the impact.
Please see the links below for up to date information for businesses and employees.
- NEW – Bounce Bank Loan Scheme | HM Government
- Financial support for businesses | HM Government
- Support for Businesses | HM Government
- Support for Employees | HM Government
- Income Support for Self Employed | HM Government
- Coronavirus Business Interruption Loan Scheme (CBILS) | British Business Bank
- Supporting Your Workforce During the Coronvarius | HRZone
- Workplace Risk Assessments as part of Return to Work | BOHS
- Coronavirus Hub | AccountingWEB
- £500m Economic Resilience Fund for Wales | Welsh Government
UPDATE 29th May 2020 – Extended Furlough Details
On 29th May, the Chancellor, Rishi Sunak, announced more details about the extension to the Coronavirus Job Retention Scheme (CJRS), with the key details outlined below for you.
- The scheme will continue to run as it is until 31st July 2020, i.e. the Government will pay 80% of an employees’ wages up to a maximum of £2500 per month.
- From 1st August 2020 employers will have to pay the NI and employers pension contribution for employees on furlough (which is currently being funded by the Government).
- From 1st September employers will have to start paying 10% of the furloughed employees’ wages and the Government will pay the remaining 70% up to a maximum of £2190 per month. Employers will also have to pay the NI and employers pension contribution for employees on furlough.
- From 1st October employers will have to start paying 20% of the furloughed employees’ wages and the Government will pay the remaining 60% up to a maximum of £1875 per month. Employers will also have to pay the NI and employers pension contribution for employees on furlough.
- The scheme will then close on 31st October.
- From 1st July the furlough scheme will become more flexible and you will be able to bring back employees part-time and still claim part of their wages through the furlough scheme, for example, you could bring an employee back to work for 2 days a week and pay the employee for this, and then the furlough scheme will cover the wages for the remaining 3 days per week.
In order to provide this new flexible furlough scheme the Government will close the current scheme to new entrants on 30th June. From this point onwards, you will only be able to furlough employees that you have furloughed for a full three-week period prior to 30th June.
This means that the final date that you can furlough an employee for the first time will be 10th June for the current three-week furlough period to be completed by 30 June. Employers will have until 31st July to make any claims in respect of the period to 30 June.
UPDATE 19th May 2020 – Coronavirus Statutory Sick Pay Rebate Scheme
Employers will be able to make claims through the Coronavirus Statutory Sick Pay Rebate Scheme from 26 May.
UPDATE 13th May 2020 – Applications for Self-Employed Income Support Scheme open today
From 8am this morning self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
UPDATE 12th May 2020 – Chancellor extends furlough scheme until October
The government’s Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor announced today (Tuesday 12 May 2020). Please see the link below for the full details.
UPDATE 6th May 2020 – How to claim under the Coronavirus Self-Employment Income Support Scheme ( SEISS )
Further to our update earlier today, please note that accountants acting as agents, WILL NOT be able to submit a claim under the SEISS on behalf of their clients.
As a matter of urgency, if you are eligible to make a claim, you need to ensure that you have an active Government Gateway account. If you do not have an account, we recommend that you set one up as soon as possible via the Gov.UK website.
UPDATE 5th May 2020 – Self – Employment Income Support Scheme (SEISS)
This week HMRC will start contacting around 3.5million customers who may be eligible for the Government’s Self-Employment Income Support Scheme (SEISS). Please see the link below for further details.
UPDATE 4th May 2020 – Applying for a Coronavirus Bounce Back Loan
From today, businesses that meet the qualifying criteria are able to apply for a Coronavirus Bounce Back Loan of up to £50,000. Please follow the link below to see how to apply.
UPDATE 28th April 2020 – Bounce Back Loan Scheme
The Chancellor of the Exchequer yesterday announced the new Government ‘Bounce Back Loan Scheme.’
Highlights of the scheme are as follows:
- Loans of up to £50,000 available
- Interest free for the first 12 months
- No repayments during the first 12 months
- Apply online through a short and simple form
- Loan 100% guaranteed by the Government
- Applications open on Monday 4 May 2020
- Funds to reach businesses within days
UPDATE 24th April 2020 – Furloughed workers entitlement
Please follow the link below regarding the Governments update relating to furloughed workers entitlement to full parental leave.
UPDATE 20th April 2020 – The Coronavirus Job Retention Scheme portal is now open for grant applicants
Furthermore, the scheme (CJRS) (80% wage claim for furloughed employees) has been extended to the end of June so you can currently claim from 1st March to 30th June 2020
The Government have released more detailed guidance on how to calculate what you need to claim as part of the CJRS: https://www.gov.uk/guidance/work-out-80-of-your-employees-wages-to-claim-through-the-coronavirus-job-retention-scheme
The Government have released a step by step guide on how to apply for the CJRS: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment-data/file/880099/Coronavirus-Job-Retention-Scheme-step-by-step-guide-for-employers.pdf
UPDATE 15th April 2020 – URGENT – Grant applications open on Friday 17 April under Welsh Economic Resilience Fund
The Welsh Economic Resilience Fund will open for grant applications on Friday 17 April 2020.
The fund will be available to firms who pass the eligibility criteria and is designed to help those businesses, charities and social enterprises who are struggling with cash flow problems.
Organisations that are considering applying are being encouraged to go through the guidance to establish whether they are likely to be eligible before the application process opens on Friday via the Business Wales website.
Please note that this is not a limitless fund and our understanding is that once the funds have been spent, that will be that.
To check your eligibility please follow the link below:
UPDATE 9th April 2020 – JRS Grant Availability Date Announced
If your business is applying for a Job Retention Scheme grant, HMRC have now announced that the scheme will be available from 20 April 2020.
The grant could enable your business to receive funding which covers 80% of an employee’s pay capped at £2,500 per month, backdated to 1 March 2020.
To claim, an employer will need information about their PAYE scheme, employees furloughed, claim period, amount of claim, bank account and contact details. HMRC will retain the right to retrospectively audit the claim.
One claim can be submitted for each 3-week period and payments of the grant will be made by BACS.
UPDATE 8th April 2020 – £100m Development Bank of Wales Loan Scheme is now fully subscribed
Further to our recent communications regarding the Welsh Government £500m Economic Resilience Fund, the £400m emergency pot, which includes generous business grants, are set to open for applications next week according to Business Wales News – see link below.
Of the £500m fund, the £100m Development Bank of Wales Loan Scheme is now fully subscribed.
“As a Welsh Government, we will be announcing further details shortly on the £400m emergency pot from the Economic Resilience Fund with the aim of being open to applications next week.”
UPDATE 3rd April 2020 – Business Rates: Expanded Retail Discount – Guidance
The Government have expanded those businesses that qualify for a business rates holiday.
UPDATE 2nd April 2020 – COVID-19 business grants now available Apply to your local authority
The UK Government & Welsh Government have introduced two grants for businesses that are registered as paying business rates on their premises, on or before 20 March 2020.
These grants will be administered by your local authority.
Grant 1: A grant of £25,000 is being made available for retail, leisure and hospitality businesses occupying properties with a rateable value of between £12,001 and £51,000.
This means businesses that occupy properties such as shops, restaurants, cafes, drinking establishments, cinemas, live music venues, hotels, guest and boarding premises and self-catering accommodation.
Grant 2: A £10,000 grant is being made available to all businesses eligible for small business rates relief (SBRR) in Wales with a rateable value of £12,000 or less.
Please note that a multiple property restriction, which applies to the Small Business Rates Relief scheme, also applies to this grant. Therefore, the same ratepayer may only receive the grant for a maximum of two properties in each local authority area.
You must apply for business grants: to enable quick and efficient payments, you will need to provide as a minimum, the following information to your local authority:
- Name of the business
- Contact details: email address, telephone number, named contact
- Address of all premises used by the business
- Business Rate account number (from your bill)
- Business bank account details: account name, sort code and account number
- Details of the nature of the business
The aim is to get this funding to businesses as soon as possible, the grant will be paid directly into your business bank account.
UPDATE 1st April 2020 – Development Bank of Wales NEW £100m Covid-19 Loan Fund
The Development Bank of Wales have launched a £100 million fund to support businesses in Wales affected by the Covid-19 outbreak.
UPDATE 30th March 2020 – £500m Economic Resilience Fund for Wales
Announcement for all Welsh businesses regarding the very recent launch of the New £500 million Economic Resilience Fund for Wales.
UPDATE 25th March 2020 – 3-Month Extension Period to File Accounts
Companies to receive 3-month extension period to file accounts during COVID-19