Business

Updates on the Strategic Framework Business Fund, 4th SEISS grant and Furlough.

Funding Update - March 2021. The Strategic Framework Business Fund provided grants to businesses required to close by law or to significantly change its operations due to COVID-19 restrictions from 2 November 2020. The Strategic Framework Business Fund will close to new applications on 22 March. This follows the First Minister’s Statement on 16 March which provided clarity on the easing of restriction and the re-opening of the hospitality, retail and leisure sectors.

Further to Rishi's announcement this afternoon, we have summarised the main points below.  Please bear in mind that the majority of this needs to be confirmed by the devolved powers of the Scottish Government, hopefully they will follow suit.  The income tax rate, however, is something that sets Scotland and England apart, and it will be interesting to see if Nicola Sturgeon has her own take on this when it comes to announcing changes for the year ahead. We will update you in due course regarding the application process for the extension of SEISS grant and furlough, but don't envisage much change to the previous format.

The Mobile and Close Contact funding is being provided by the Scottish Government. Eligible applicants will receive a one-off £4,000 payment (£2,000 for the period to end December 2020 and a further £2,000 to cover the period from January 2021 onwards). Once the fund opens, it will be open to applications for a four-week period.

The February update includes details of the Self Assessment Extension, Bounceback Pay as You Grow Scheme, the B-Able App launch and major VAT changes from 1st March. 

Scottish Government have announced that the grant support for hospitality, retail and leisure businesses will be topped up by additional one off grants. Details enclosed.

Rishi Sunak has today extended the scheme until the end of April at the current rate of 80% of wages not worked (upto a limit of £2,500 per month) which will be a welcome boost for a huge section of UK still struggling, especially those in the hospitality, retail and arts/culture sectors, who will hopefully be able to plan a route back to trading in the new year with the support of this scheme.  The conditions of eligibility for the scheme will remain unchanged. I hope you all have a relaxing break over the festive period, and here's to a positive start to 2021, all the best!

As much as I say it's fast becoming my specialist subject, that's certainly not been through choice, but on a serious note, it is worrying to hear how many people are unlikely to repay their Bounceback Loans, and I think it needs to be said that 'Government backed', does not mean 'without consequence', do your research!

Another update on the current funding. The 3rd Self Employment grant went live for claiming, so login to your personal tax account to lodge your claim for this as soon as possible. There has been a a local Grant released for West Dunbartonshire town centre based businesses, see the information below, and check your local authority website for region relevant funding in your area.

As promised, why it's not going to be as easy as it seems to walk away from your Company just after filling in an online form at Companies House....especially if you've taken out a Bounceback Loan recently!