Chancellor Rishi Sunak on Tuesday revealed the governments package to assist the economy against the impact of the coronavirus.
The effect or the coronavirus has been labelled as an economic emergency and his package includes £330bn in loans and £20bn in aid, business rates holidays and grants for retailers and pubs.
Statutory Sick Pay
Small and medium sized businesses and employers (under 250 employees) to reclaim SSP paid for sickness absence due to coronavirus
- Covers up to 2 weeks SSP per eligible employee absent because of coronavirus
- Employers must maintain records of staff leave
- A GP note will NOT be required
- Retail, hospitality and leisure businesses in England will be entitled to a rates holiday for the tax year ending 5 April 2021.
- A £25k grant will be provided to retail, hospitality and leisure businesses operating from smaller premises (with a rateable value of £15k and £51k).
- Enquiries should be directed to the local authority with more information available from 20 March.
- One off grants of £10k will be provided to businesses that pay little or no business rates to help meet on going costs. If your business is eligible for this relief your local authority will contact you.
Business interruption loans
The British Business Bank are launching a scheme to provide businesses access to lending and overdrafts. These loans will be 80% guaranteed by the government to provide assurance to lenders providing loans to SMEs. Importantly, the maximum loans available is £5m in value with the first 6 months being available interest free.
Further details to be provided 23 March 2020.
Paying Business Taxes
All business and self employed people having financial difficulties with outstanding liabilities may be entitled to support through the HMRC Time to Pay service. However, these will be delivered on a case by case basis.
Kala Atkinson are committed to helping our clients through these difficult times. IF you are unsure of your eligibility, please get in contact today to find out how we can help.