Latest business support from Southwark Council and the GLA on a range of new funding opportunities
While businesses are now reopening, we still need to stay alert to protect each other’s health. There is a lot to remember and it can be challenging to keep track of the latest information.
Self-Employment Income Support Scheme to reopen on 17 August
If you are a sole trader and your business has been adversely affected by coronavirus on or after 14 July 2020, you will be able to claim a second and final grant under this scheme from 17 August until 19 October 2020.
Lending rules for the Coronavirus Business Interruption Loan Scheme relaxed
Businesses whose Coronavirus Business Interruption Loan Scheme (CBILS) applications have previously been declined may now be eligible. State Aid rules have been relaxed so that small and micro businesses will now be exempt from elements of the ‘undertaking in difficulty’ test when applying.
£1m Back to Business Fund launched
The Mayor of London’s £1m Back to Business Fund will offer up to £5,000 in match funding to small and independent businesses through the Pay It Forward London crowdfunding platform. Pay It Forward London enables businesses to raise vital funds and stay afloat, rebuild and recover from the impacts of Covid-19 through crowdfunding. Applications open on Monday 10 August. Register your interest now, start crowdfunding and receive coaching support from Crowdfunder to prepare you for your funding application.
Eat Out to Help Out now open
New grants and loans from the Culture Recovery Fund
Arts Council England has £500 million to provide in grants to institutions across the arts and cultural sector including theatres, music and comedy venues and museums. The first application window will be open from 10 to 21 August. It is strongly advised to apply in this first period. A lending scheme offering loans of up to £3m is also in development.
Update on the Job Retention Bonus
The Job Retention Bonus will be paid to employers of previously furloughed employees who are still in their jobs at the end of January 2021. Further details of the bonus and how it will be paid have now been published.
Grants for hiring apprentices
Employers who hire an apprentice between 1 August 2020 and 31 January 2021 can receive an incentive of £1,500 or £2,000 depending on the age of the apprentice. Full details of the scheme have been released this month. You can also get help and advice about hiring an apprentice from our team.
Support for apprentices facing redundancy
Any apprentices that have sadly lost their job as a result of the pandemic can get free advice and support from the Redundancy Support Service for Apprentices. The service offers help to find new opportunities and access local and national support services including financial, health and wellbeing, legal and careers advice.
New law on redundancy pay for furloughed employees
New legislation has come into force from 31 July so that statutory redundancy pay and notice pay for furloughed employees must be based on normal wages rather than their wages under the CJRS.
Leadership and networking development to support recovery
Two new support programmes are now available to small business leaders. The Small Business Leadership Programme and Peer Networks Programme aim to equip business leaders with the confidence and leadership skills to plan for the future of their business, and ensure that they are in a great position to recover from the impacts of coronavirus.
You can email Southwark for advice and information: SouthwarkBusinessDesk@southwark.gov.uk