Coronavirus Update 20 May: Future Fund Scheme opens, Statutory Sick Pay Rebate claims begin next week
Good morning. Today’s update concerns two COVID-19 schemes that are going live, or are just about to. The Future Fund Scheme opens today, while the Coronavirus Statutory Sick Pay (CSSP) Rebate Scheme opens for applications next week on 26 May.
Let’s take a look at both schemes, their eligibility criteria and how you can make a claim.
Future Fund Scheme opens today
The Future Fund Scheme (FFS) probably doesn’t have the best acronym in the world. It does raise a smile, though!
FFS is a government convertible loan scheme aimed at high-growth tech start-ups who usually rely on equity investment. They will be struggling because of COVID-19 and can’t access the Coronavirus Business Interruption Loan Scheme.
Who is eligible for the Future Fund Scheme?
To be eligible, your company must:
- Be unlisted and a UK-incorporated limited company since before 31 December 2019
- Have raised a minimum of £250,000 in private funding over the last 5 years
- Have a sustained economic presence in the UK (i.e. at least half of employees must be UK-based OR half or more revenues must come from UK sales)
- Be the ultimate parent company, if it is part of a group
How much funding is available?
Initially, there will be a total of £250 million available via the British Business Bank. You can apply for convertible loans of between £125,000 and £5 million.
What are the Future Fund Scheme terms & conditions?
How do I apply for the Future Fund Scheme?
Full details on how to apply can be found on the Gov.uk website.
Coronavirus Statutory Sick Pay (CSSP) Rebate Scheme
This scheme opens on 26 May. It is designed to refund employers who have paid SSP to current or former employees who:
- had coronavirus (COVID-19) symptoms
- could not work because they are self-isolating (because someone they live with has symptoms)
- are shielding and have a letter from the NHS or a GP telling them to stay at home for at least 12 weeks.
The repayment covers up to two weeks from the first qualifying days of sickness (from 13 March for those ill or self-isolating, or from 16 April for those shielding).
You are an eligible employer if you:
- Had fewer than 250 employees on 28 February 2020
- Created and started a PAYE scheme on or before the same date
- Have paid SSP to employees for the reasons above
- Have not breached the EU state aid limit.
Your employees are eligible if they:
- Have an employment contract
- Have done some work under that contract
- Were sick (or self-isolating) for 4 or more days (including non-working days)
- Earn an average of at least £120 weekly
- Gave you the correct notice.
How to claim
You can claim online from 26 May. You will need the Government Gateway user ID you received when you registered for PAYE online. If we are authorised as your agent to do PAYE online for you, we can claim on your behalf. We cannot claim on behalf of non THP clients.
Where can I find more details about the scheme?
More details about the CSSP scheme are available here. We will update you when the scheme goes live next week.
About Jon Pryse-Jones
Since joining THP in 1978, Jon Pryse-Jones has been hands on with every area of the business. Now specialising in strategy, business planning, and marketing, Jon remains at the forefront of the growth and development at THP.
An ideas man, Jon enjoys getting the most out of all situations, “I act as a catalyst for creative people and encourage them to think outside the box,” he says, “and I’m not afraid of being confrontational. It often leads to a better result for THP and its clients.”
Jon’s appreciation for THP extends to his fellow team members and the board. “They really know how to run a successful business,” he says. He’s keen on IT and systems development as critical to success, and he continues to guide THP to be at the cutting edge and effective.