Natalie Wallace and Gemma Sichi from the Corporate team at Harper Macleod take a look at some of the support available to Scottish businesses as lockdown continues.
The UK Government recently announced an extension to the Coronavirus Job Retention Scheme (more commonly known as 'Furlough'). The Furlough Scheme will now run to Spring 2021 and more information on the Furlough Scheme can be found here.
As part of the extension the UK Government announced an additional £2 billion to devolved governments. This increases the upfront guarantee of funding from £14 billion to £16 billion. With the new tiered system in place in Scotland, and the Scottish Government reviewing the situation on a weekly basis, it is a welcomed relief for many businesses across Scotland that the Scottish Government have put £48 million towards supporting businesses whilst they try to navigate through this new way of life.
Any business operating above tier 2 will likely suffer in some respects and if we move into tier 4 this means a March-style lockdown. With the very real possibility of moving up tiers, it is important for businesses to be aware of the support available to you.
The Scottish Government have offered support for businesses to contribute towards the 20% of salary costs for furloughed workers and grant funding has been provided to businesses that were required to close. This includes the hospitality industry, which has been hit particularly hard during this time. In response to this, the government have created a COVID-19 Restrictions Fund which operates as a two-tiered scheme, with a grants ranging from £2875 - £4310 available [for this sector].
For businesses such as nightclubs and soft play areas there is also a contingency fund of £11 million available which businesses do not need to directly apply for as your local authority will get in contact with more information.
Get in touch – we're here to help
If you are unsure of how to protect your business and make best use of these funds please get in touch at [email protected]