Coronavirus: Business Support Measures Summary…
Since the budget on March 11, which contained various coronavirus related business support measures, there have been an unprecedented number of further announcements, extensions, and revisions. These are still being made daily and more are expected.
Our quick guide with links to the detail is laid out below, all information correct as at 24 March 2020.
Additionally, we want to reiterate that we remain on hand to offer advice and support for every business concern you might have in this incredibly difficult period. Our recent blog Coping with Coronavirus: A Business Perspective covers some of the extra considerations business owners might need to make at the moment. If you need to speak to us please get in touch.
Job Retention Scheme.
In brief: up to 80% of employee’s wages can be covered by government, where those staff would otherwise be laid off.
Help for the Self Employed
In brief: It is expected that a similar measure to the Job Retention Scheme, but for the Self Employed, will be announced on 26 March.
In detail: All details still to be confirmed.
Deferral of tax payments.
In brief: Income tax payments falling due in July, and VAT payments falling due between 20 March and 30 June will both be automatically deferred.
Grants (and Business Rates Holidays)
Grants: Grants are linked to the businesses rates position. £10,000 grants are available for all businesses in commercial premises who qualify for Small Business Rates Relief or Rural Rate Relief. Businesses occupying larger premises in the Retail, Hospitality and Leisure sectors may qualify for a grant of £10,000 or £25,000 depending on their premises rateable value. These grants do not have to be repaid.
Business Rate Holidays: Additionally, all Retail, Hospitality, Leisure, and Nursery businesses will qualify for a business rates holiday for 2020/21.
Additionally: For businesses in the East Riding, we understand that the ERYC has recently been writing to SBRR-eligible businesses regarding grants. Their webpage details current information on eligibility and claiming: Guidance for Businesses in the East Riding of Yorkshire
Business Interruption Loans
In brief: Businesses can apply for loans through the British Business Bank. The government will guarantee 80% of the loans, plus pay the interest for the borrower for the first 12 months.
Reclaim Statutory Sick Pay
In brief: Where employees have been affected by Covid-19, employers can claim up to two weeks SSP back from the government.
In detail: Official guidance
In brief: If tax payments have been missed, or are about to fall due and will be missed due to Covid-19, HMRC have setup an new time-to-pay helpline to discuss spreading the tax payments.
In detail: Official guidance Phone number: 0800 0159 559.
As well as the country-wide measures covered above, further grants, loans and other business support may also be available, typically through local authorities and regional organisations. For those businesses operating within the Humber area The Humber Business Growth Scheme have put together a very comprehensive document detailing numerous funding and support options available in this time. This list, gives more detail on the measures above, plus further useful funding information, and is being regularly updated. Businesses located in other regions are advised to check information with their local authorities and growth hubs.