Coronavirus (COVID-19) - support for business
*Guidance for employers about social distancing, using PPE, and health and safety practices in the workplace can be found in the attachment titled 'Guidelines For Workplaces' at the bottom of this page.*
You can also contact the Government's Business Support Helpline for free advice on 0300456 3565, or visit this page.
Information about protection from closure and aggressive rent collection is available here.
Job Retention Scheme
The COVID-19 job retention scheme allows employers to claim for a cash grant of up to 80 per cent of furloughed employee wages, up to £2,500 per month. Please note that the scheme closed to new entrants on June 30.
More information about claiming employee wages through the JRS is available on the Government website here.
If you are an employee, and you wish to find out more information about the JRS, you can do so here.
*The Government has announced that grant payments via the Job Retention Scheme will be extended for four months, until the end of October.
From August to October the scheme will continue, for all sectors and all regions of the UK, but with greater flexibility to support the transition back to work. Employers currently using the scheme will be able to bring back furloughed employees part time. The Government has asked employers to start sharing, with the Government, the costs of paying people’s salaries. Further details can be found in the attached Chancellor's letter.
Read more here:
To help businesses with cash flow in the short run, VAT payments will be delayed until the end of the financial year. For self employed people, Income Tax Self-Assessment payments due in July 2020 will be deferred until January 2021. If you find yourself in financial distress, you can contact HMRC’s dedicated helpline to get practical help and advice on 0800 0159 559.
Coronavirus Business Interruption Loan Scheme (CBILS)
A temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, supports businesses to access bank lending and overdrafts, providing loans of up to £5 million with interest-free repayments for an initial twelve month period. Information about the CBILS and the application process can be found on the British Business Bank Website here.
The CBILS now serves to benefit all viable small businesses which have been impacted by coronavirus, rather than just those unable to access commercial finance. The Chancellor has also prevented banks from offering personal guarantees on loans under £250,000, and limited guarantees on loans above £250,000 to 20% of the loan, not backed by the Government. This, combined with operational changes to the loan application process, will free up funds for businesses to access more quickly and easily as part of the CBILS.
Bounce Back Loan Scheme
Businesses in need of smaller loans can apply for Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months. The Government will also support lending by guaranteeing 100% of the loan. More information is available here.
The Business Rates retail discount has been raised to 100 per cent for one year and expanded to cover all businesses in the retail, leisure and hospitality sectors.
To support around 700,000 businesses currently eligible for Small Business Rate Relief, local authorities in England are able to provide grants of up to £10,000 to small businesses.
Small Business Grant Extension
A new discretionary fund has been set up to supplement the existing grant scheme for small businesses. Local authorities can provide grants of up to £25,000 to businesses with fewer than 50 employees. This fund is intended to support small firms previously outside the scope of the grant scheme, and includes businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. More information is available here.
The full contents of the Chancellor's letter, and a fact sheet for businesses affected by coronavirus, are available in PDF format at the bottom of this page.
Further information about financial support for businesses can be found on the Government website here.
Further information about financial support for employers can be found here.
|Chancellor's Letter||107.44 KB|
|Fact Sheet||197.68 KB|