In the Budget on March 11, the Chancellor announced a package of measures to provide support for public services, individuals and businesses to ensure the impact of COVID-19 is minimised.
A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees.
For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full.
A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
There will be a £3,000 cash grant to 700,000 small businesses, delivered by Local Authorities. Details of how to access this support are to be announced.
The government is also temporarily increasing the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value.
Further information on support for businesses can be found here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Guidance for employers on responding to coronavirus (COVID-19) can be found here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19