Wednesday, December 2, 2020

£6m cash boost to support businesses and protect jobs in North Lincolnshire

Over £6m is now available to support local businesses and protect jobs through the coming weeks.

Businesses in North Lincolnshire being affected by the current national restrictions can apply for a new business grant from North Lincolnshire Council.

More than £2.5m is available to support businesses which have had to close due to the imposition of restrictions. The Local Restrictions Support Grant is worth between £1,334 and £3,000 a month depending on the rateable value of the property.

Now, a new discretionary fund of almost £3.5m is available to help other businesses. Grants between £650 and £2,100 will be available for businesses required to close but not on the rating system and to support businesses which can remain open but are severely impacted.

Cllr Rob Waltham, Leader of North Lincolnshire Council, said: “The Government support for people, jobs and businesses in cash terms is estimated to be more than £100m for North Lincolnshire when furlough is included. The majority of this has been provided direct to businesses and paid to local people.

“These unprecedented times have called for unprecedented support and I would urge the businesses which have been asked to close to take advantage of this part of the comprehensive support package which has been made available.

“We have to remember the restrictions are designed to protect the most vulnerable residents in North Lincolnshire.”

To apply for either of these grants visit the Invest In North Lincolnshire website.

Earlier in the year the council worked to get more than £30m of Government cash into business bank accounts to support them and their employees. The new discretionary scheme is now up and running and money will hit business bank accounts in November.

The Job Support Scheme will also protect the local economy with the Government providing the majority of employees pay if they have their hours reduced.

In a further move to help business, the Government has extended the furlough scheme.

The Job Support Scheme gives businesses the option of keeping their employees in work on shorter hours rather than making them redundant. The Government will provide up to 80 per cent of wages for hours not worked up to £2,500 per month.

Employers using the scheme may also be able to claim the Job Retention Bonus (JRB). This is worth £1,000 per employee. Taking JSS and JRB together an employer could receive more than 95 per cent of the total wage costs of their employees if they are retained until February.

There has also been an extension to the self-employed Income Support Scheme (SEISS), which is calculated at 80 per cent of trading profits to cover November, an increase from 40 per cent.

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