The support for business provided by the government can be found here https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses.
- Businesses with less than 250 employees will be able to get a refund of SSP per eligible employee for upto 2 weeks as a result of Covid19.
- Businesses rate relief for this that get a retail discount will be rebilled by their local authority
- £25k grant to retail, hospitality and leisure business operating from premise with a rateable value £15-£51k. This is accessed from the local authority – guidance to be published 20 March
- Business that are eligible for small business rate relief or rural rate relief will get a one-off grant of £10k. There is no need to apply your local authority will contact businesses. Guidance to be published shortly but funding is likely in early April.
- Coronavirus Business Interruption Loan Scheme will be launched next week. Govt is guaranteeing 80% of each loan . First 6 months interest free. The new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million. Details from high street banks can be found here:
ROYAL BANK OF SCOTLAND
- Any problems with paying tax should be dealt with through HMRCs Time to Pay Service
- Businesses affected by being ordered to close by the government should be able to make an insurance claim on their business interruption insurance. Businesses need to check their T&Cs. However most businesses are unlikely to be covered as it may exclude pandemics.
- 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.
Please do contact us if you would like assistance with Cashflow forecasts or other such analysis.