Charities forced to close during the second national lockdown will be entitled to receive up to £3,000 per month in new financial support, it has been announced.
According to HM Treasury, more than 600,000 organisations, mainly in the retail, hospitality and leisure sectors, will benefit from grant funding.
Under the scheme, business premises “forced to close due to national or local restrictions” will receive up to £3,000 per four weeks. The actual amount received per premises is broken down below:
- For properties with a rateable value of £15,000 or under, grants to be £1,334 per month, or £667 per two weeks
- For properties with a rateable value of between £15,000-£51,000 grants to be £2,000 per month, or £1,000 per two weeks
- For properties with a rateable value of £51,000 or over grants to be £3,000 per month, or £1,500 per two weeks.
Ahead of the second national lockdown, the Government has also announced changes to the Coronavirus Job Retention Scheme (CJRS).
The initiative, which had been due to close this month and be replaced by the Job Support Scheme (JSS), will now cover up to 80 per cent of employees’ usual salaries for hours not worked, up to a maximum of £2,500 per month. While there will be no employer salary contribution, employers will be required to cover National Insurance and employer pension contributions – equivalent to around five per cent of total employment costs or £70 per employee per month.
Like previous iterations, employers will have flexibility to use the scheme for employees for any amount of time and shift pattern, including furloughing them full-time.
For support and advice on any related matters, please get in touch with our expert charity finance team today.