The government has announced a number of measures and packages to help support businesses through unprecedented times.
After pledging £12 billion to soften the impact of COVID-19 in the budget, the government confirmed on Tuesday 17 March that they would be giving businesses the tools to get through the crisis, the Chancellor Rishi Sunak announced a £350bn financial support package for businesses, which included £330bn in loans, £20bn in other aid, a business rates holiday and grants for retailers and pubs.
The Coronavirus Business Interruption scheme will be available through the British Business Bank and will be launched week commencing 23 March. The scheme has increased loan borrowing from £1.2 million to £5 million, with the first 6 months of finance interest free.
A 100% business rates holiday for the next 12 months for all retail, hospitality and leisure business, no matter what their rateable value is, will be available.
A small business grant funding of £10,000 is also available for all businesses in receipt of small business rate relief or rural rate relief.
Businesses with a rateable value over £15,000 and below £51,000 can access an additional £25,000 grant for retail, hospitality and leisure businesses operating from small premises. Businesses can access this grant through their local authority.
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 2 million businesses with up to £2 billion to cover the cost of large-scale sick leave.
A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Businesses may be able to agree a bespoke Time to Pay arrangement. Businesses who are concerned about being able to pay their tax due to COVID-19 should call HMRC’s dedicated helpline on 0800 0159 559.
Guidance for employees, employers and businesses can be found on the governments website www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
We will be updating our website when we hear of any new advice and guidance for businesses.