Below you’ll find updates on key changes to Government business support and rates for the new tax year.
Replacement Government Recovery Loan Scheme (RLS) launched
Applications for Coronavirus Bounce Back Loans and Business Interruption Loans closed at the end of March. The Government has now launched a replacement Recovery Loan Scheme (RLS), to support businesses of any size to recover from the disruption of the Covid pandemic.
The new loans are available through a network of accredited lenders, including many of the UK’s main banks.
Applications for the RLS will run until the end of 2021 and you can get:
- term loans or overdrafts of between £25,001 and £10 million per business
- invoice or asset finance of between £1,000 and £10 million per business
Once received, the finance can be used for any legitimate business purpose, including growth and investment.
The Government guarantees 80% of the finance to the lender to ensure they continue to have the confidence to lend to businesses.
Coronavirus Restart Grants now available
The Restart Grant Scheme supports businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant, to reopen safely as COVID-19 restrictions are lifted.
Fourth Grant for the Self-Employed available imminently
The self-employed and those in a partnership will soon be able to make a further grant claim equating to 80% of average trading profits up to £7500, for the three months from February to April 2021.
This grant will be available from late April and can be claimed on or before 1 June 2021.
National Minimum Wage increases
New rates of the National Living Wage (NLW) and National Minimum Wage (NMW) came into force on 1 April 2021.