Act Now to Claim these Government COVID Support Schemes for Hospitality Businesses

By Phil Scoble

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Introduction

The government has created a wide range of financial support for businesses affected by COVID 19 but some of these schemes are coming to an end soon.

We’ve highlighted the most urgent funds below. Check out if you are eligible and if so, act now to get the support your business needs to stay strong during the pandemic:

Help with Staff Wages (Furlough scheme)

The furlough scheme pays up to 80% of a member of staff’s wages if your hospitality business had to ask them to stop working or work less because of coronavirus (put them on ‘furlough’).

The government will pay 80% of employees’ usual wages for hours they do not work, up to a maximum of £2,500 per month. The scheme is set to run until 30 April 2021.

This is a rolling deadline – each month you need to claim for the previous month’s furlough costs. These are the deadlines up till the end of the scheme (as it stands now) in April:

You have until 14th January to submit for employees’ wages if they were on furlough in December, until February 15th if they were on furlough in January, 15th March for February, 14th April for March and 14th May for April.

Check to see if you qualify by clicking here.

Coronavirus Business Interruption Loan Scheme

Cafes, bars, pubs and restaurants and even self-employed individuals, such as chefs, can get loans and other kinds of finance of up to £5 million.

You as an individual or your hospitality business is eligible for this scheme if both the following apply:

  • You/ it is based in the UK
  • Your business has a turnover of less than £45 million per year

You must also:

  • be considered viable by a lender, if not for the current pandemic
  • show you have been negatively affected by coronavirus

The scheme is open until 31 January 2021.

Find out how to apply for the Coronavirus Business Interruption Loan Scheme

Coronavirus ‘Bounce Back’ Loan

Small hospitality businesses and self-employed individuals can borrow between £2,000 and £50,000 under this scheme.

The government will guarantee 100% of the loan and for the first 12 months you will not have to pay any fees or interest or make repayments.

If you already have a Bounce Back Loan but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount. You must apply for the top-up by 31 January 2021.

A hospitality business is eligible if it:

  • is based in the UK
  • was established before 1 March 2020
  • has been negatively affected by coronavirus

The scheme is open until 31 January 2021.

Find out how to apply for a Coronavirus Bounce Back Loan by clicking here.

Christmas support payments for pubs

If your pub was in tier 2 or tier 3 between 2 December 2020 and 29 December 2020 you may be eligible for a payment of £1,000.

This is additional funding to any other funding you may be eligible for.

A pub is eligible if it:

  • is in England
  • was in tier 2 or tier 3 at any point between 2 December 2020 and 29 December 2020
  • has less than 50% in revenue from food sales (you may be asked to provide accounting evidence)

The deadline for businesses to apply (through their local authority) is 31 January 2021.

To see if you are eligible, click here.

Conclusion

We hope this brief guide has helped you find a source of funding to help your business you might otherwise have missed.

Although the coronavirus has hit the hospitality industry hard, these schemes could help to ease the burden your business is facing – click the links above to see if there is any opportunity to get some support before time runs out.

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