COVID19 Business Support – from HM Government 26/03/20
A full range of measures have been made available to support businesses, public services and individuals during the coronavirus (Covid-19) pandemic. Businesses can find out here what support is available to them and where and how they can access it.
The measures available to business announced by the Chancellor are:
1. A Coronavirus Job Retention Scheme where small and large employers will be eligible to apply for a government grant of 80% of workers’ salaries up to £2,500 a month. The scheme will be backdated to March 1 and available for at least three months, with first grants to be paid within weeks.
2. A new Coronavirus Business Interruption Loan Scheme will be delivered by the British Business Bank. It will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Businesses can access the first six months of that finance interest free, as government will cover the first six months of interest payments.
3. For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full. This will provide two million businesses with up to £2 billion to cover the costs of large-scale sick leave.
4. A dedicated helpline to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to coronavirus, call HMRC’s dedicated helpline on 0800 0159 559.
5. A £10,000 cash grant to for the smallest businesses, delivered by local authorities. Small businesses that pay little or no business rates and are eligible for small business rate relief (SBBR) or rural rate relief will be contacted by their local authority – you do not need to apply. The funding will be provided to local authorities in early April. Guidance for local authorities on the scheme will be provided shortly.
6. A business rates holiday for retail, hospitality and leisure businesses in England for the 2020/21 tax year A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
7. For further information and updates on these schemes, please visit HM Government website.