IPSE urges government to extend self-employed support scheme.

The government is being urged to extend its coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) for as long as self-employed individuals require it. The Association of Independent Professionals and the Self-Employed (IPSE) said that the difference between the SEISS and the Coronavirus Job Retention Scheme (CJRS) for employees is a ‘glaring injustice’. It warned that the self-employed could be forced to work in unsafe conditions. Chancellor Rishi Sunak recently extended the CJRS until the end of October. However, the SEISS…

The government has launched its Future Fund package, which aims to support start-up businesses not eligible for other coronavirus (COVID-19) rescue measures. The Future Fund offers government loans of between £125,000 and £5 million to UK-incorporated companies, provided private investors at least match the funding supplied by the state. The package is aimed at innovative early stage companies not eligible for existing COVID-19 support, and overall the fund will match up to £250 million of private investment. Chancellor Rishi Sunak…

The government is set to launch an online service to allow employers to recover the Statutory Sick Pay (SSP) payments they have made to their employees during the coronavirus (COVID-19) pandemic. The Coronavirus Statutory Sick Pay Rebate Scheme, which was announced at the 2020 Budget as part of a package of support measures for businesses affected by the COVID-19 outbreak, will launch on 26 May. It will allow small and medium-sized employers to apply to HMRC to recover the costs…

The government is extending the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million. The loans will be made available to large businesses affected by the coronavirus (COVID-19) from 26 May. However, companies borrowing more than £50 million through the CLBILS will be subject to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. This will include a ban on dividend payments and cash bonuses, except…

A survey conducted by the British Chambers of Commerce (BCC) has found that over 70% of responding businesses have furloughed a proportion of their workforce. Data from the BCC’s latest Coronavirus Business Impact Tracker revealed that 71% of firms have furloughed their employees, up from last week’s figure of 66%. 30% of businesses have furloughed between 75% and 100% of their workforce, whilst 28% haven’t furloughed any employees. The Tracker also found that firms are awaiting funds from the government’s…

Research carried out by online marketplace Fiverr has suggested that the coronavirus (COVID-19) pandemic has already cost UK small and medium-sized enterprises (SMEs) £277,893 each. The research was collected by polling SME owners in 19 UK cities, and revealed regional differences of opinion. Fiverr found that businesses in London are most positive about flexibility, with 66% appreciating the flexibility of compulsory remote working. 57% of businesses in Bristol stated that they feel more connected to their employees as a result…

The government has unveiled a billion pound support package for innovative businesses affected by the coronavirus (COVID-19). The ‘targeted and tailored help’ provided by the package will help ensure firms in dynamic sectors of the UK economy are protected during the COVID-19 crisis so they can ‘continue to develop innovative new products and help power UK growth’. The £1.25 billion Future Fund package includes a £500 million investment fund for high-growth firms adversely affected by the pandemic, which is made…

The government’s Coronavirus Job Retention Scheme went live on 20 April after Chancellor Rishi Sunak extended it until the end of June. The scheme allows businesses to furlough their employees, with the government paying 80% of their wages up to a maximum of £2,500. HMRC has emailed two million employers providing a link to a five-step guide to claiming, and has warned them to be aware of the scams that are circulating. The Coronavirus Job Retention Scheme was initially open…

The Pensions Regulator (TPR) has issued guidance covering automatic enrolment and employer contributions during the coronavirus (COVID-19) pandemic. The Regulator said it recognises the strain employers are under during the crisis and is taking a ‘proportionate and risk-based approach’. The TPR has written to pensions providers asking them to be ‘as flexible as possible’ when agreeing contribution payment dates. It has extended the period in which schemes must report payment failures from 90 days to 150 days in order to…

The government has widened the eligibility criteria for furloughed employees who need to access the Coronavirus Job Retention Scheme by pushing back a key date. Under the Coronavirus Job Retention Scheme, businesses can apply for government grants for employees’ salaries up to the lower of 80% of an employee’s regular wage, or £2,500 per month for three months from 1 March. The scheme could run for longer if the social restrictions to help halt the coronavirus (COVID-19) pandemic remain in…