Nottingham City Council understands the ongoing and cumulative impact the COVID-19 pandemic is having on you as a member of our business community.
As the country enters a second set of nationwide lockdown, the Nottingham Economic Recovery Unit (NERU) will keep you up to date with local and national schemes to support your business through this newsletter and on the Nottingham City Council NERU webpage. . If you have colleagues who would benefit from this newsletter, please forward it on to them or suggest they subscribe by following this link.
We have an increased number of staff working with NERU to support businesses, especially when grant funding becomes available, and we are working hard to support you during these uncertain times.
Guidance on what national restrictions mean for you and your business are available on the Gov.UK website.
You can contact us at?[email protected]
The Chancellor of the Exchequer today extended the national Coronavirus Job Retention Scheme (CJRS), or furlough scheme, to 31 March 2021, and increased the Self Employment income Support Scheme from 55% of average trading profits to 80%, covering the period of November 2020 to January 2021.
Employers will only be asked to cover National Insurance and employer pension contributions for hours not worked. For an average claim, this accounts for just 5% of total employment costs or ?70 per employee per month. The CJRS extension will be reviewed in January to examine whether the economic circumstances are improving enough for employers to be asked to increase contributions.
More information can be found on the Gov.UK website about the extension of CJRS and SEISS, or on the Government's economic support factsheet.
Business Grants Update
We know that following recent announcements increasing the national lockdown across the country that local authorities like Nottingham City Council will be provided with additional funding to support businesses through the Local Restrictions Support Grant and additional discretionary support for businesses.?
We are working as quickly as possible to finalise the details of the financial package of support for businesses, further support for other businesses outside the established schemes and other Government schemes to benefit local businesses. We will update you via this bulletin and via our NERU webpage when more details are available to us.
If you meet the criteria for the Local Restrictions Support Grant you will be able to apply shortly. The application process is not open yet while we await clarity from government?? please do not contact us asking about grants as this will hinder our efforts to set the processes up. A separate bulletin will follow when these details and an application process have been confirmed.
We know of the following funding that will be available to eligible businesses soon:
National lockdown grants
- For businesses occupying properties with a rateable value of ?15,000 or under, grants of ?1,334 every 4 weeks forced to close under national restrictions
- For businesses occupying properties with a rateable value of between ?15,000 - ?51,000, grants of ?2,000 every 4 weeks forced to close under national restrictions
- For businesses occupying properties with a rateable value of ?51,000, grants of ?3,000 every 4 weeks forced to close under national restrictions
Tier 2 grants
- For businesses affected by the previous Tier 2 restrictions (hospitality, leisure, accommodation), businesses will receive a grant for the period 14?October to 30?October on a pro-rated basis, at 70% of the values listed above?
Tier 3 grants
- For businesses closed due to Tier 3 restrictions between 30?October and 5?November, they will receive a grant on a pro-rated basis for those 5 days at the values listed above
Discretionary grants
- Some additional discretionary grants will be available for other affected businesses during the national, Tier 2 and Tier 3 restrictions. These might include, for example, supply chain businesses to the hospitality sector, businesses forced to close with no rateable value. Details for this scheme are still being reviewed.
Read more on the Gov.UK website
Thank you for your ongoing patience in these difficult times.?
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