The Government are introducing measures to help small businesses cope financially during these unprecedented times.
We have simplified this information as you can see below, although in this ever changing environment further Government assistance may be announced:
Coronavirus Business Interruption Loan Scheme
- Amount increased from £1.5million to £5million
- 6 months interest free
Statutory Sick Pay (SSP)
- Fewer than 250 employees
- 14 days SSP per employee refunded by government
Financial distress & outstanding tax liabilities telephone helpline
- 0800 0159 559
Cash Grant – for businesses who currently receive Small Business Rate Relief (SBRR)
- £10,000 to smallest businesses, this will be delivered by local authorities
- From April – your local authority will contact you if eligible
Retail, Hospitality & Leisure Business
- Business rates holiday covering the financial year 2020-2021
- £25,000 grant operating from smaller businesses with rateable value between £15,000-£51,000
- Refer to local authority for eligibility criteria after 20th March
Bank Support
- Banks will be supporting businesses with additional credit assistance
- Further information available after 20th March
Pubs, Clubs, Theatres, etc
- Individual business insurance will cover their claim, where they have appropriate business interruption cover for pandemics in place
- Plans underway to relax regulations to allow pubs and restaurants to begin providing takeaways without planning permission
Full details can be found here: Gov.uk: COVID-19 Support for Businesses
