COVID-19 DEVELOPMENTS

Small COVID-19 Grant scheme now open in Yorkshire

Businesses in Yorkshire can now apply for grants from £1,000 to £3,000 if they can demonstrate a 40% loss of income between March and June compared with the same period in 2019.  The grants can be used for specialist advice plus equipment to boost productivity, to continue to deliver business activity or diversify in response to Covid-19.  Cumbria Growth Hub has now closed its scheme but the scheme opened in Yorkshire on 30th September with a deadline of 10am on Monday 5 October 2020 - see: Yorkshire Growth Hub Small Business Grant.

New Public Health Advice for Cumbria

Cumbria County Council issued new public health advice on Thursday.  In addition to the national ‘Rule of Six’people living in Cumbria are strongly advised that groups of six should include people from no more than two households.  This is advice rather than law and the exemptions that apply to the national ‘Rule of Six’ still apply.  This does not yet affect the Yorkshire Dales, but note that both Lancashire and Northumberland are operating under more stringent local lockdown restrictions.

Self-Employment Income Support Scheme 2nd grant

The Self-Employment Income Support Scheme video gives guidance on how to claim the 2nd grant – note you need to show that your business has been affected by Covid since mid-July.

Reminder of the Chancellor’s announcement last week:

Just as a reminder, last week’s announcement included:

  • A new Jobs Support Scheme replacing the furlough scheme from November.
  • An extension to the Self Employment Income Support Scheme covering 20% of 3 month’s profits from November to the end of January.  A further grant will be available for February to the end of April 21.
  • The option to extend Bounce Back loans from 6 to 10 years.  Businesses can also move to interest-only payments, or suspend repayments for 6 months if necessary.
  • The Government guarantee on Coronavirus Business Interruption Loans will be extended to 10 years and a new successor programme will be announced in January.
  • The temporary reduction of VAT from 20% to 5% for tourism and hospitality businesses has been extended until 31 March 2021.
  • Businesses who deferred their VAT bills this Spring will be able to pay back their taxes in 11 smaller interest-free instalments.
  • Self-assessment income tax payments can be deferred to January 2022.

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