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By LegalEdge News

COVID-19: Financial Support for Businesses


The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. Please see up to date details here.

The package includes (as of 20th March 2020):

Coronavirus Job Retention Scheme

  • To try and avoid mass redundancies the government has pledged to cover up to 80% of workers’ wages up to £2,500 a month (backdated to 1st march 2020) for all UK businesses. Employers will need to designate affected employees as 􏱆furloughed workers􏱅 and notify those employees of this change. Information about those 􏱆furloughed􏱅 will need to be submitted through a new online portal. To find out if your business is eligible and how to access the scheme please click here.
  • Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave (“furlough”) due to coronavirus (COVID-19) here.
  • We also found this article from the FT useful: What employers need to know about Sunak’s workers rescue plan

 

Deferring VAT and Income Tax payments

  • These will apply from 20 March 2020 until 30 June 2020, and no application is required. Businesses will not need to make a VAT payment during this period. Businesses will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal. For more info click here

 

Statutory Sick Pay Relief Packages for SMEs

  • Includes up to 2 weeks of SSP for employers with less than 250 employees. For more info click here

 

12-Month Business Rates Holiday for all retail, hospitality and leisure businesses in England. For more info click here

 

Small Business Grant Funding of £10,000 for all business in receipt of small business rate relief or rural rate relief. For more info click here

 

Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000

 

Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank

  • The full rules of the Scheme and the list of accredited lenders is available on the British Business Bank website
  • For more info click here

 

A New Lending Facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans

 

HMRC Time To Pay Scheme

  • This is operated on a case by case basis and you should contact HMRC to apply for this. For more info click here

 

Please click this here for more details on how you can access government financial support if you or your business has been affected by COVID-19.

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