Following the closure of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS), here is a summary of the Government support schemes currently available/coming soon.
Business Recovery Loan Scheme
Currently, businesses of all sizes can borrow between £25,000 and £10million for any legitimate business purpose, including growth and investment. The Government guarantees 80% of the finance.
From 1 January 2022, the following amended terms will apply to this scheme:
- The scheme will only be open to small and medium sized enterprises.
- The maximum amount of finance available will be £2 million per business.
- The guarantee coverage that the Government will provide to lenders will be reduced to 70%.
Loans are available through a network of lenders, with the Government guaranteeing 80% of the finance to the lender.
Designed to create new jobs for 16 to 24 year-olds on Universal Credit, this scheme funds the wages of a new employee for six months, plus your employers’ National Insurance contributions.
The last job start date under this scheme is currently 31 March 2022.
Funding applications can be made until 17 December 2021.
A payment of £3,000 available for businesses taking on a new apprentice up until 31 January 2022.
The Kickstart and Apprenticeship schemes are part of the Government’s ‘Plan for Jobs’ skills and employment programme. Read more.
The Help To Grow Scheme
Part of the £520m ‘Help To Grow’ Programme announced in this year’s March Budget, the Government is shortly to launch two schemes:
- Help to Grow: Management Course – a 12-week management programme, 90% funded by the Government.
- Help to Grow: Digital – free online support to explore how digital technology can help your business, plus up to 50% funding against associated purchase costs.
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