Latest News from BPCA

25 September 2020

New business support measures announced by Chancellor

Chancellor Rishi Sunak has announced new business support measures that pest management companies may be able to take advantage of after the furlough scheme ends next month. Chancellor Rishi Sunak has announced new business support measures that pest management companies may be able to take advantage of after the furlough scheme ends this month. 

New buisness support measures annouced for pest management companies

Jobs Support Scheme replaces Coronavirus Job Retention Scheme (furlough scheme)

The government will subsidise the pay of employees who are working fewer hours due to lower demand for their services.

  • Employees working at least a third of their normal hours will be eligible  
  • The employer pays for the hours the employee works
  • The government and the employer will each cover one-third of the lost pay (making the actual take-home wage for an employee on the scheme about 77% of the employee’s normal wage) 
  • The scheme will be capped at £697.92 per month, per employee
  • You will be able to use this scheme even if you have not used the previous furlough scheme and it will run from November 2020 (for 6 months).

The announcement 

Self-employed grants

The existing grant scheme for self-employed people is being extended.

  • The grant will cover three months' worth of profits for the period from November-January
  • It will cover 20% of average monthly profits (capped at £1,875)
  • A further grant will be available to the self-employed to cover February 2021 to the end of April.

Check if you’re eligible

Business loans

  • Businesses can extend their bounce back loans from six to 10 years, reducing payments
  • Businesses can also move to interest-only payments or suspend repayments for six months if they are "in real trouble" (credit ratings will be unaffected)

The announcement 

Apply for a coronavirus Bounce Back Loan

GOT A QUESTION ABOUT COVID-19 SUPPORT?

We follow government announcements closely and always read the fine print! If you’ve got a question about the new business support schemes, let us know.

hello@bpca.org.uk 

Source: Online