Following the announcement, over the weekend, of the second full lockdown the government has made further grants available for businesses forced to close in England due to local or national restrictions.
Over the weekend the Government announced that the Coronavirus Job Retention Scheme (Furlough ) has been extended and will remain open until December in light of the lockdown. Employees will now receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Under the extended scheme, the cost for employers of retaining workers will be reduced compared to the previous scheme, which ended on 31 October.
Many businesses are currently facing significant challenges or opportunities so Cummins Mellor have launched their fully funded, pioneering Peer Networks Programme for SME business leaders in Lancashire. Designed for SME directors and senior managers, the programme focuses on navigating the changing world of work in response to COVID-19 and its impact on business.
As with the job support scheme, the Government has also extended the Self Employed Income Support Scheme. The extension will see the addition of two further grants available which should help provide critical support to the self-employed. Each grant will be available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
In a bid to help those businesses that have been forced to close owing to local restrictions, the Government has again extended the Job Support Scheme (JSS) which is due to commence on 1 November 2020.
UK manufacturing is an innovative sector, making advances in manufacturing processes and products in response to the ever evolving and increasing market demands. However, there are still many manufacturing and engineering businesses not benefitting from the possibility to significantly boost profit margins through R&D Tax Credits.
With much of the North West now officially under Tier 3 restrictions, check whether you are eligible for the Local Restrictions Support Grant (LRSG) which supports businesses that have been required to close due to temporary COVID-19 local lockdown restrictions imposed by the government.
The UK has left the EU and with the transition period coming to an end on 1st January 2021, it’s more important than ever, that businesses focus on planning for the impact that Brexit will have on their future.
In their latest publication, restructuring advisory partners, Allan Kelly and Ian Corfield, of FRP Advisory, explore how CVAs can offer a route to rehabilitating companies while optimising value and outcomes for stakeholders.
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