In the budget and yesterday’s briefing, the Government announced a range of packages which can be summarised as follows with the likelihood of more measures to be announced over the next week including possible direct support for wage payments.
- Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank for loans of up to 80% to cover any losses with no fees. The Government would cover the first 6 months’ interest payments
- Refunding up to 14 days Statutory Sick Pay for Companies with less than 250 employees (it is anticipated this will come into force under the Coronavirus Bill)
- Dedicated helpline for businesses and self-employed individuals with regarding tax liabilities: 0800 0159 559. Deferring payments, cancelling penalties and agreeing payment plans are all options which can be considered
- £10,000 cash grant’s for smallest businesses and £25,000 grants for businesses in retail, hospitality and leisure with a rateable value of between £15,000 and £51,000
- Business rates holiday in 2020/21 tax year for retail, hospitality and leisure businesses
More information for employees and employers can be found here.
We will continue to provide further information as the Government releases more details about these and other schemes.
We appreciate that this is an extremely difficult time for small businesses but it is our belief that each and every business can survive this crisis through careful planning, taking advantage of Government assistance and by working with employees, suppliers and clients to spread the burden. Our business is founded on providing advice and support to employers during difficult and stressful situations and we will continue to do so through this most difficult of times.
In the meantime you can access support resources here.