The Government Initiatives Available to Hairdressing Businesses
The National Hair and Beauty Federation’s director Tina Beaumont-Goddard outlines the UK Government initiatives and measures that are still available to hairdressing businesses in October and beyond.
Since the coronavirus outbreak began, the government has announced a raft of measures to help support businesses and individuals in the hair and beauty industry, says NHBF director Tina Beaumont-Goddard. “As time goes on, various schemes and initiatives are coming to an end or changing in some way, so it’s important to stay up to date.”
“From October, the government will pay 60% of wages up to a cap of £1,875 for the hours your employee is on furlough. This means employers will pay 20% of wages to make up the amount to 80%, up to a cap of £2,500, plus National Insurance and pension contributions for the hours your employee is on furlough.”
A new Job Support Scheme will be introduced from 1 November 2020. Under the scheme, which will run for six months, the government will contribute towards the wages of employees who are working fewer than normal hours due to decreased demand.
Job retention scheme
“Employers who keep their furloughed staff on after the scheme ends will be able to claim a one-off payment of £1,000 for every employee who remains continuously employed until 31 January 2021,” explains Tina. “Your employee must earn at least £520 a month on average between 1 November 2020 and the end of January 2021. You’ll be able to claim after filing PAYE for January with payments to employers made in February.”
“A second grant for self-employed people who have been adversely affected by the Coronavirus outbreak since 14 July 2020 can be claimed until 19 October 2020,” explains Tina.
The grant scheme has been extended to cover November 2020 to April 2021. Find out more on the government website.
The government is extending four temporary loan schemes to 30 November 2020 for new applications: the Business Interruption Loan Scheme; the Coronavirus Large Business Interruption Loan Scheme; the Bounce Back Loan Scheme; and the Future Fund. More flexible repayment terms have also been introduced. Find out more.
Support across the four nations
Some types of financial support vary across England, Wales, Scotland and Northern Ireland, explains Tina. For example grants and rates relief. She adds: “Contact your local authority if you think you may have missed out on any local financial support that’s on offer.”
“We are still in a rapidly changing situation,” says Tina. “Bookmark our Coronavirus information hub at nhbf.co.uk/coronavirus to ensure you’re up-to-date with all the latest government information and announcements. Regular updates can also be found at nhbf.co.uk/updates.”
Get back-up and support
Members can call the NHBF membership team for everyday advice about business issues and the NHBF legal helpline is available 24/7 for trickier issues: nhbf. co.uk/legal-advice. If you are struggling, talk to your bank as they may be able to offer payment holidays or emergency loans. Speak to suppliers to negotiate flexible payment terms and talk to your accountant, if you have one, as they may be able to offer expert advice.
This is a sponsored post from the National Hair and Beauty Federation.