Information on everything from the Coronavirus Business Interruption Loan Scheme to help for the self-employed.
A new 100% government-backed loan scheme has been announced for small businesses, allowing firms to borrow between £2,000 and £50,000. Find out more here
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least 3 months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19).
Employers can claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme anytime during this period.
The scheme is open to all UK employers that had created and started a PAYE payroll scheme on 28 February 2020.
According to TTC ,the following requirements are likely to be needed to be considered for a loan:
It’s important to note that the decision to lend sits solely with the Accredited Lenders. You can check whether your bank is an Accredited Lender here
Legislation is being brought forward to allow small- and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to Covid-19. The eligibility criteria for the scheme will be as follows:
• this refund will cover up to two weeks’ SSP per eligible employee who has been off work because of Covid-19
• employers with fewer than 250 employees will be eligible, with the size of an employer determined by the number of people they employed as of 28 February 2020
• employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of Covid-19
• employers should maintain records of staff absences and payments of SSP, but employees will not need to provide a GP fit note
• the eligible period for the scheme will commence the day after the regulations on the extension of Statutory Sick Pay to those staying at home comes into force
• the government will work with employers over the coming months to set up a repayment mechanism for employers as soon as possible
The government has ntroduced a business rates retail holiday for retail, hospitality and leisure businesses in England the 2020-21 tax year.
Businesses that received the retail discount in the 2019-20 tax year will be rebilled by their local authority as soon as possible.
A £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority. Guidance for local authorities on the business rates holiday will be published by 20 March.
The government will provide additional funding for local authorities to support small businesses that already pay little to no business rates because of small business rate relief (SBBR). This will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief, to help meet their ongoing business costs.
If your business is eligible for SBRR or rural rate relief, you will be contacted by your local authority – you do not need to apply.
Funding for the scheme will be provided to local authorities by government in early April. Guidance for local authorities on the scheme will be provided shortly.
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
If you are concerned about being able to pay your tax due to Covid-19, call HMRC’s dedicated helpline on 0800 0159 559. For more information, visit gov.uk/business-support-helpline