The Government has announced several support packages so far aimed at supporting financially vulnerable businesses, employees and individuals.
- The Coronavirus Business Interruption Loan Scheme – a scheme that makes £330bn available in government backed loans (up to £5 million per business).
- Small Business Grant Funding – a one-off grant of £10,000 to eligible businesses in England paying little or no business rates because of relief schemes.
- Statutory Sick Pay Rebate – small and medium-sized businesses will be able to claim SSP for staff sickness absences due to coronavirus.
- Support for Businesses Paying Tax – 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.
- VAT Deferral – VAT payments due between 20 March and 30 June 2020 will be deferred.
Retail, hospitality and leisure
- Business Rates Holiday for Retail, Hospitality and Leisure – businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020-21 tax year.
- Cash Grant for Retail, Hospitality and Leisure – a cash grant of up to £25,000 per property for businesses in the retail, hospitality or leisure sector in England.
- The Coronavirus Job Retention Scheme – HMRC will pay employers a grant worth 80% of a furloughed employee’s usual wage costs (up to £2,500 a month) to prevent lay-offs.
- The Self-Employed Income Support Scheme – the scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
- Support for Businesses Paying Tax – 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
- Deferral of Self-Assessment payment – self-assessment payments due to HMRC by 31 July 2020 may be deferred until January 2021.
For more information and eligibility criteria for all of these schemes, please see the government website which also has details for how to contact their business support team.
If you fall between the cracks of these schemes and think you are not eligible for any government support, please contact me at email@example.com and I will do my best to assist you.
ACAS employment advice: Helpline 0300 123 1100 / https://www.acas.org.uk/coronavirus
Coronavirus support for employees, benefit claimants and businesses: https://www.gov.uk/government/news/coronavirus-support-for-employees-benefit-claimants-and-businesses
Health & Safety Executive: https://www.hse.gov.uk/news/coronavirus.htm
Lay-offs and short-time working: https://www.gov.uk/lay-offs-short-timeworking
Coronavirus Business Advice – including business closures, stay at home FAQs, self-employment income support scheme, and more: https://www.businesssupport.gov.uk/coronavirus-business-advice/
Claim for wage costs through the Coronavirus Job Retention Scheme – a guide for employers. includes information relating to people on zero hours contracts: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
Competitions and Markets Authority – report concerns about business practices, including shops raising prices: https://www.gov.uk/government/collections/cma-covid-19-response
Coronavirus Business Interruption Loan Scheme: https://www.businesssupport.gov.uk/coronavirus-business-interruption-loan-scheme/
Coronavirus Financial Support: https://www.businesssupport.gov.uk/coronavirus-business-support/
Coronavirus Job Retention Scheme: https://www.businesssupport.gov.uk/coronavirus-job-retention-scheme/
Federation of Small Businesses: https://www.fsb.org.uk/campaign/covid19.html
HMRC Tax helpline to support businesses affected by coronavirus (COVID-19) – news article: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19 leads to helpline: https://www.gov.uk/government/organisations/hm-revenue-customs/contact/coronavirus-covid-19-helpline
Information on support for self-employed individuals: https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals
Information Commissioner: https://ico.org.uk/for-organisations/data-protection-and-coronavirus/
Coronavirus: what IPSE (Association of Independent Professionals and the Self Employed) is doing and advice for freelancers and the self-employed: https://www.ipse.co.uk/ipse-news/news-listing/coronavirus-ipse-activity-and-advice-freelancers.html and IPSA Coronavirus hub: https://www.ipse.co.uk/coronavirus-hub.html