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Following the latest announcements from Chancellor Rishi Sunak, a number of new and updated?measures have been put in place to replace the previous ones that are coming to an end and to?support businesses hit by new coronavirus restrictions.

Tax cuts and deferrals

The temporary 15% VAT cut for the tourism and hospitality sectors will be extended to the end of March next year. In addition, business who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller installments.

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.

More information is available on the GOV.UK website.

Local Restrictions Support Grant

The Local Restrictions Support Grant (LRSG) supports businesses that have been required to close due to temporary COVID-19 local lockdown restrictions imposed by the government.

Read more on the?GOV.UK website.

Job Support Scheme

The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to COVID-19, to help keep their employees attached to the workforce.

The scheme will open on 1 November 2020 and will run for 6 months.

Read more on the?GOV.UK website.

Giving businesses flexibility to pay back loans

Businesses who took out a Bounce Back Loan will be given the option to repay their loan over a period of up to ten years through a new Pay as You Grow flexible repayment system. Interest-only periods of up to six months and payment holidays will also be available to businesses.

Coronavirus Business Interruption Loan Scheme lenders will be given 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.

The government is extending four temporary loan schemes to 30 November 2020 for new applications: As a result, more businesses will now be able to benefit from the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund.

Read more on the?GOV.UK website.

In addition the Nottingham Economic Recovery Unit (NERU) is providing the following support for businesses:

• The Council?s city centre management team are available to support retail, leisure and hospitality and continued support for re-opening the high street
• The D2N2 Growth Hub, with local and D2N2 teams, are providing support to local SMEs visit the D2N2 Growth Hub website
• Kickstart: Nottingham Jobs selected as a local provider visit the Nottingham Jobs website
• Continued investment in the local economy, with Nottingham College opening soon, Nottingham Castle on track to open spring 2021, Broadmarsh carpark and library development progressing well
• Support from various partners and agencies in the city, Visit Nottingham to support visitor economy businesses, Nottingham BID to support city centre retail and leisure operators, and Creative Quarter supporting important creative and digital businesses and businesses across Hockley and Sneinton Market

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