Extra support is available for the region’s smaller businesses as the Covid-19 lockdown restrictions are relaxed and businesses plan how to get back to work safely.
The Chancellor’s decision to extend the Self-Employed Income Support Scheme (SEISS) has been widely welcomed. Meanwhile, Staffordshire County Council’s grant scheme is benefiting hundreds of local firms. Although it is now closed, a wide range of general support remains available.
The extension to the SEISS reaffirms the Government’s determination to support people and businesses and to protect jobs during the Coronavirus crisis. Those who are eligible can claim a second and final grant, which is payable as a single sum in August.
This time the grant will be worth 70% of a self-employed person’s average monthly trading profits. It covers three months’ worth of profits, between June and August, and is capped at £6,570.
Self-employed people will be able to apply for the second grant in August. The eligibility criteria are unchanged and HMRC requires individuals to confirm that their business has been adversely affected by the Covid-19 pandemic.
You do not have to make a claim for the first grant to receive the second. Some people may only now be feeling the impact of Covid-19 and require support. The Government will publish further guidance about the second grant on June 12.
Until July 13, you can continue to apply for the first SEISS grant. This is a taxable grant worth 80% of your average monthly trading profits. It is paid as a single lump sum, up to a total of £7,500. Funds are paid into your nominated bank account within six working days of a claim being completed.
More information here on the Gov.UK site.
Support for Staffordshire businesses
Staffordshire County Council’s £500,000 grant scheme targeted businesses with nine or fewer employees that were unable to claim support via Government initiatives. Up to 500 local SMEs will benefit from the scheme, with grants of up to £1,000.
Such was the level of demand that the scheme closed shortly after launch. However, help is available via the Stoke-on-Trent and Staffordshire Growth Hub.
For advice on making a claim via the SEISS call us on 01785 243276. To access support from the Stoke-on-Trent and Staffordshire Growth Hub, call the helpline on 0300 111 8002 or visit www.stokestaffsgrowthhub.co.uk
More support on our blog
You can read more about Covid-19 support on our blog including some tips on how to get open for business as we emerge from lockdown.