Financial advice for Bolton businesses

Financial Support during Covid-19

Covid-19

1. Business rates and grant support

This support will take the form of a grant funding scheme in Financial Year 2020-2021, called the Local Restrictions Support Grant (LRSG).

Businesses that have been required to close as a result of Bolton being placed in Tier 3 or “Very High” COVID Alert Level from Friday 23 October will be eligible for a grant once the restrictions have been in place for 2 weeks. This means that payments can only be made from Friday 6 November. Full details of the scheme and an application form will be posted here during week beginning 2 November.

The Grant aims to help those business hardest hit by the local Covid-19 restrictions. Find out more about the Local Lockdown Restrictions Grants for Bolton here.

If you you would like direct support or information please contact the Business Bolton Team.


2. Other Business Rates support

  • A 12-month 100% business rates relief for all retail, hospitality and leisure businesses in England.  Bolton Council has applied the business rates relief for eligible businesses for the 2020/21 financial year.  If you believe you are entitled to this relief and have not been granted it please email business.rates@bolton.gov.uk

  • 100% business rates relief in 2020/21 for providers on Ofsted's Early Years Register where the premises are used wholly or mainly for the provision of the Early Years Foundation Stage i.e. nurseries.  Bolton Council has applied the business rates relief for eligible businesses for the 2020/21 financial year.  If you believe you are entitled to this relief and have not been granted it please email business.rates@bolton.gov.uk.

  • For businesses liable for business rates that can’t access the grants announced Bolton Council will allow, upon request, a delay in the first instalment due date to 1 July 2020, spreading the remaining instalments over the rest of the year. Businesses can contact us again in June 2020 if the 1 July payment will be an issue. To request this, please contact business.rates@bolton.gov.uk.


3. Other support announced by the Government

The Chancellor has announced extra support for businesses (24 September 2020): 

  • Job Support Scheme - a company will continue to pay its employee for time worked, but the cost of hours not worked will be split between the employer, the Government (through wage support) and the employee (through a wage reduction), and the employee will keep their job.

  • Extension of the SEISS Grant for the self employed. The extension will provide two grants and will last for six months from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.

  • Will extend the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March next year. 

  • New Payment Scheme - business who deferred their VAT bills will be able to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller interest-free payments during the 2021-22 financial year.

  • Self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.

  • Businesses who took out a Bounce Back Loan will benefit from a new Pay as You Grow flexible repayment system. This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses.

  • Coronavirus Business Interruption Loan Scheme - giving lenders the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan.

  • Extending application deadlines until the end of November for the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund. 

  • You can use the Government's coronavirus business support finder tool, which will help businesses and self-employed people to quickly and easily determine the financial support is available. https://www.gov.uk/business-coronavirus-support-finder
  • The government has also outlines a wide range of other support for businesses affected by Covid-19. Please click on the links below for more information and details on how to apply.

    • Statutory Sick Pay relief package for SMEs.

    •  Future Fund. UK-based companies can now apply for a convertible loan of between £125,000 and £5 million, to support continued growth and innovation in sectors as diverse as technology, life sciences and the creative industries.

    • A lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans

    • Businesses and self-employed people in financial distress may be eligible to receive support with their tax affairs through the HMRC Time To Pay Scheme in deferring VAT and Income Tax payments.

    • Support for self-employed through the Self-employment Income Support Scheme.

    •  Ministers have allocated £40 million through the Fast Start Competition to drive forward new technological advances, and to support innovative start-ups, including a virtual-reality surgical training simulator and an online farmers’ market platform. 

    • The Department for Work and Pensions (DWP) is running a campaign around Universal Credit and COVID-19 and a website has been launched to provide clear, factual information on employment and benefits support with advice on housing, furlough, sick pay and self-employment, alongside advice and FAQs for employers, those already claiming and those making a new claim.

The Coronavirus Job Retention Scheme

The government’s Coronavirus Job Retention Scheme (CJRS) is due to continue during September and October.

From 1 September, the government will pay 70% of wages up to a maximum cap of £2,187.50 for the hours the employee is on furlough. Employers will top up employees’ wages to ensure they receive 80% (up to £2,500). 

Unless you are making a new claim for an employee who is a military reservist or is returning from statutory parental leave, you can only continue to claim through the scheme if:

  • you have previously furloughed the employee for three consecutive weeks between March 1 and 30 June

  • you submitted your claim before 31 July

Check if you can claim for your employees' wages through the Coronavirus Job Retention Scheme

From October, the rate paid by the government is reduced to 60%. The Coronavirus Job Retention Scheme ends at the end of October.

Since August, employers have also had to pay employer National Insurance Contributions and pension contributions for furloughed hours themselves.

You may also be able to get help through the New Style Employment and Support Allowance.