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Following the Budget announcement from the Chancellor

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Good Afternoon

Following the Budget announcement from the Chancellor earlier today, here are some of the key points of support for businesses:

  • The Coronavirus Job Retention Scheme (furlough) – extended to the end of September 2021. Staff will continue to receive 80% of their salary but employers will be required to contribute to the salary costs to 10% in July and 20% in August and September in addition to funding employer National Insurance and pension contributions.
  • The Self Employed Income Support Scheme (SEISS) – now includes those with a tax return for the 19/20 financial year. There will be 4th grant to be paid in March and a 5th grant later in the year.
  • Business Rates – the 100% holiday on business rates is extended until the end of June, and from July a reduction in 2/3rd’s of business rates will be in place until the end of March 2022.
  • Business Recovery Loan Scheme – businesses of any size can apply for loans from £25,000 to £10million, through to the end of 2021. The Government will continue to guarantee 80% of these loans.
  • Help To Grow – two new schemes to help SME’s grow their businesses; Help to Grow Management – MBA style manager training funded 90% by the Government and Help to Grow Digital – small businesses can access free online technology advice and 50% discounts on new productivity enhancing software. Companies can register now at http://www.gov.uk/helptogrow  Speak to CMN’s Business Advisors about our range of funded support available for you and your business
  • Restart Grants – high street shops and businesses in the hospitality sector will be able to apply for grants to help them reopen after lockdown. Non essential retail will be able to apply to for up to £6,000 per premises while hospitality venues will able to apply for up to £18,000.
  • 130% Super Deduction – companies can claim spend on new equipment and offset all the cost against tax, plus an additional 30%.
  • Apprenticeships – a new ‘flexi-apprenticeship’ scheme where people will be able to work for several different employers in the same sector. Employers will be given £3,000 per apprentice of any age taken on between April and September 2021. Speak to our Apprenticeship Agency today and find out how we can suppprt you
  • Kickstart Scheme – this enables young people on Universal Credit to gain six month placements with businesses, with the Government covering 100% of the National Minimum Wage costs for 25 hours a week. A further £126 million will be put into the scheme to allow more young people access to training.Cornwall Marine Network is a Kickstart Gateway, contact us or click here to find out more

As further information becomes available, we’ll update you and our Covid Knowledge hub on the funding, grants and support available.

In the meantime, if you have any questions or we can be of further support, please don’t hesitate in contacting us.

Kind regards

The CMN team

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