During this very tricky time for business, we want all of our clients to know that we are here to help you ...
Because the Government are continually making announcements in response to the COVID-19 situation, I thought I'd update you with the latest updates for businesses which may be of interest to you:
- Coronavirus Business Interruption Loan Scheme
This new scheme, delivered by the British Business Bank, 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 6-months of that finance interest-free, as the government will cover the first 6-months of interest payments.
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 costs 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. 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 COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
There will be a £10,000 cash grant to our 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 - they 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.
The government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 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.
Things are continually developing and emerging at this time, and we will endeavour to keep you updated by email and also through our social media channels on LinkedIn, Facebook and Instagram.
Please note that this information is correct at the time of publishing (8am on the 19th March, 2020) and is updated regularly on the gov.uk website.
If you feel inspired to find out more about anything I've said here, do call me on 01908 774320 or leave a comment below and I'll be in touch as soon as I can.