Government schemes and grants to get you #Back2Business

picking-up-a-takeaway-curry_t20_9lynny

Recently the government’s 2021 Budget was announced by The Chancellor, Rishi Sunak, he outlined the financial schemes aimed to help businesses get back on their feet after COVID-19 closures.

Most of those schemes will replace those in 2020, or be an extension of them, so you may need to reapply for a new financial grant with your local council.

We’ve rounded up the most useful grants and schemes available to small business owners to get you #Back2Business.

Restart grants

Restart grants are available for non-essential retailers and any business that has been affected by profit losses during the pandemic. These grants will be issued ahead of the governments easing of the restrictions on 12th April, which sees most non-essential businesses in the UK reopening.

You could be eligible for up to £6,000 as a one-off cash payment. The grants will be available from Thursday 1st April and are issued by the local authorities.

If you are operating in the leisure, hospitality, accommodation or personal care sector that will be remaining closed for a longer period, you could receive up to £18,000 as a one-off cash payment.

To see the full eligibility and apply through your local council, visit here: Restart Grant.

The Recovery Loan Scheme

Replacing last year’s CBILS and BBS is The Recovery Loan Scheme, a range of loans from government-backed lenders. These loans are on offer to businesses of all sizes, applications open on Tuesday 6th April and will run until the end of the year.

Business owners can borrow up to £10 million for any legitimate business purpose, and the government will guarantee 80% of the finance to the lender.

You can find out more about the Recovery Loan scheme here: Recovery Loan scheme.

Furlough 

The furlough scheme has been extended until the end of September this year, the government will be covering up to 80% of employee’s salary.

From July, employers will be asked to contribute towards the cost of the employee’s wages as the government will only be contributing 70%. In August this will decrease to only 60% government contribution so employers will have to top up the extra 20% until the scheme is phased out.

You can see up to date information on the furlough scheme here.

Business rates relief

For non-essential retailers, hospitality, personal care and leisure sector the Business Rates Holiday will be continued at 100% until the end of June. After this, the rates will be discounted by two-thirds up to the value of £2 million for closed businesses.

Your local council should implement the discount automatically, so you don’t need to apply for this. However, if you think you’re not getting what you’re entitled to, you should contact your local council directly.

Find out more about the Business Rates relief here.

Self-employment Income Support (SEISS)

The government has extended the self-employment income support scheme providing a fourth grant to those who have suffered profit losses under the pandemic.

The grant is set at 8% of 3 months trading profits, and it’s paid out to business owners in 1 single instalment, capped at £7,500.

See the full eligibility criteria and how you can claim on the government guide.

VAT 

VAT will remain at a reduced rate of 5% until the end of September. On 1st October, there will be a new rate of 12.5% introduced, which will last until March 31st 2022.

You can see more information on these rates here: Government Guidance.

Alcohol Duties

Rishi Sunak has frozen duties on all alcoholic drinks for the second year in a row to help pubs and the hospitality industry. The British Beer and Pub Association reported that this could save pub-goers £80 million and could safeguard 2,000 jobs.

All of the above schemes and grants were announced as part of the 2021 Budget. Small business owners should keep up to date with financial aid to help them on the road to recovery. You can see the full Budget transcript here.

Share this article

Share on facebook
Share on twitter
Share on linkedin

Start taking fast and secure contactless payments

Referral Terms and Conditions

1. Our refer a friend offer is available to existing Card Saver customers who provide a successful referral to Card Saver of a new customer incorporated in the United Kingdom or Republic of Ireland who take services consisting of Card Saver acquiring, Card Saver terminals or Card Saver gateway (the “qualifying services”) and subject to the criteria, exclusions and limitations below. Each successful referral in accordance with these terms shall be entitled to £100 or £150 if referral is submitted before Valentine’s Day 2020 (14th February 2020).

2. This offer is only available until for an unlimited time however this can be amended or withdrawn at Card Saver’s discretion.  

3. The referrer must not be an employee or owner of the business being referred.  

4. The referred customer must be an entity that has never had a facility with Card Saver. 

5. Card Saver’s standard account opening procedures will apply and your friend will need to be accepted as a new customer of Card Saver (which shall be at Card Saver’s sole discretion). Terms and conditions apply to all Card Saver services.  

6. A successful referral is defined as a business live with Card Saver using the qualifying services and where direct debit payment authorities are in place for both the existing and referral customer.  

7. If you pass the contact details of the referral to Card Saver, you are confirming that you have the referral customer’s permission to do so. You consent to us using your name and contact details to verify you as the referrer of your friend and in any communications we may have with your friend and to pass these details to any third parties. 

8. Provided that the terms are complied with, Card Saver will contact you directly by email for the £150 payment to be sent to you.  We will endeavour to send this within 30 days of us being satisfied that the criteria herein for a successful referral have been met.  The £150 will be sent to the email address provided in your application form but will only be issued in the name of your business and not to an individual employed by your business. 

9. This referral offer cannot be combined with any other promotional offer. 

10. The issue of the money is conditional of the referral merchant retaining Card Saver services at the time of issue. If Card Saver is required to terminate services or does not accept the referral merchant’s application, no money will be issued. 

11. Card Saver reserves the right to amend, suspend or withdraw the ‘Referral Road Scheme’ at any time for any reason. The offer is non-transferable and may be revoked at any time for any reason. The rules to the ‘Referral Road Scheme’ may be changed without notice and at the sole discretion of Card Saver. 

12. Card Saver reserves the right to refuse a claim of the £150 if it has reasonable grounds to believe that there has been a breach of these terms and conditions, a misuse of our intellectual property rights including Card Saver trademarks and/or materials, any misrepresentation; abuse of the Referral Road promotion; or any illegal or criminal activity including fraud in connection with this offer.  

13. These terms shall be governed by and interpreted within the laws of England and Wales.

 

We use cookies on our website to give you a better experience, improve performance, and for analytics. Find out more and control how cookies are used by clicking Cookie settings. By using this website you agree to the use of cookies.