HU UPDATE Business Support Grants Interruption Loans Furloughed Workers
07 April 2020
NI BUSINESS SUPPORT GRANTS
£10,000 Small Business Support Grant Scheme
The NI Executive is providing a one-off grant of £10,000 to businesses that are currently in receipt of Small Business Rate Relief (SBRR), subject to some exclusions.
- SBRR is automatically applied to business properties with a rateable value below £15,000, though some exclusions to SBRR apply.
- Vacant properties are not eligible for this grant.
- MLA Constituency offices are not eligible for this grant.
- Business with multiple premises will only be eligible for one grant of £10,000 in total.
Small Business Support Grant: Frequently Asked Questions
CLICK HERE to open
£25,000 Hospitality, Tourism and Retail Grant
Registration will open soon for businesses to apply for the £25,000 Hospitality, Tourism and Retail Grant.
The NI Executive is providing a one-off grant of £25,000 to ratepayers in the hospitality, tourism and retail sectors who pay rates on a property with a rateable value between £15,000 and £51,000.
Further details about how to access this grant will be published HERE as soon as it is available.
EXTENDED CORONAVIRUS BUSINESS INTERRUPTION LOAN (C-BILS)
The Government has extended the C-BILS so that all viable small businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
The government is also stopping lenders from requesting personal guarantees for loans under £250,000 and making operational changes to speed up lending approvals.
The government will continue to cover the first twelve months of interest and fees.
For loans above £250K, the personal guarantee is at the discretion of the individual bank, however they can only request a PG up to 20%, as 80% is guaranteed by the government.
CLICK HERE for more
FULOUGHED WORKERS SCHEME – DETAILED HMRC GUIDANCE
HMRC has published detailed guidance for businesses on how to claim support for furloughed workers through the JRS.
As well as stating what information is needed to make a claim, it also includes information on how the JRS applied to people in a range of special circumstances including:
- office holders (including company directors)
- salaried members of Limited Liability Partnerships (LLPs)
- agency workers (including those employed by umbrella companies)
- limb (b) workers
CLICK HERE for more
FULOUGHED WORKERS SCHEME: UPDATED ADVICE FOR EMPLOYERS
(via MTB Solicitors)
HU partner MTB Solicitors has updated its guidance for employers originally published 23rd March, regarding furloughed workers.
New details are shown in red.
CLICK HERE to download