Coronavirus Support Update
As promised here is another update on the business support being made available to businesses in hospitality, leisure and retail. Please note the government has been very clear that this is the next step and more support will be rolled out if felt appropriate. My team and I are working hard to keep you up to date with the changes.
Continuation loans – The government is opening loan funds on Monday (hopefully) that you can apply for to help cash flow. the loans are for upto £5m (previously £1.2M), the loan is for one year and will be 0% for the first six months.
Insurance – insurance firms will pay out if you have appropriate policies based on government advising people avoid your business, they don’t have to ban people to validate your claim.
Business rates – the information provided in the budget has now been updated and replaced. This information is given by the UK Government and we are awaiting a scottish government announcement to confirm the final figures for scottish businesses. I will update once these figures are released.
Businesses in the Small Business Relief Scheme – up to £10,000 grants available for application.
Businesses under £51k rateable value – up to £25,000 grants available for application.
Businesses over £51k rateable value – 100% discount on business rates for April 2020/21.
HMRC/tax payments – no change, HMRC will continue to support the spreading and delaying tax payments but interest will still be applied.
Sick pay – no further updates, if a staff member is off with the corona virus then they can claim SSP from day one for fourteen days, if they are off because a family member is isolated they have to wait for day four.
Please get in touch if you need further clarity or support and take care