We understand that some of the biggest difficulties in the next few weeks, and maybe even months, will be the loss of social interaction.
We’ve gone from the day to day support of our family and friends, and now are left with video calls, correctly distanced queues outside of our local supermarkets, and less active hours on call lines.
It can be hard finding out what support is relevant to you, when you’re left hanging on the end of a phone call of a business with reduced hours, or perhaps even calling your lender.
The crisis is reaching into every aspect of our lives, and in what would normally take years, the Chancellor has set out a package of temporary, timely and targeted measures to help provide wealth support for millions, including:
A Coronavirus Job Retention Scheme
If you’re an employer who has the impossible task of maintaining your current workforce when your operations have been severely impacted by the coronavirus, it may be worth looking into the job retention scheme.
This scheme allows you to furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and pension contributions (up to the level of the minimum automatic enrolment employer pension contribution) on that subsidised furlough pay.
This scheme is currently in place for 4 months from the 1st March 2020.
However, it may be extended if necessary, and as an employer you can apply for this scheme at anytime during this period.
All employers are eligible to claim under the scheme.
Before claiming, you must work out 80% of your employees’ wages to claim through the Coronavirus Job Retention Scheme.
You can do so by using the calculator here.
A Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.
A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.
Eligibility
You’re eligible if your property is a:
- shop
- restaurant, café, bar or pub
- cinema or live music venue
- assembly or leisure property – for example, a sports club, a gym or a spa
- hospitality property – for example, a hotel, a guest house or self-catering accommodation
You do not need to take any action. Your local council will apply the discount automatically.
If you are not getting the relief you believe you may entitled to, get in touch with your local council.
Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
To find out whether you’re eligible for a business support grant, click the link below.
The document informs businesses about the operation and delivery of the 2 funding schemes.
Guidance only applies to England.
Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
The guidance sets out details and eligibility criteria, and informs businesses about the operation and delivery of the 2 funding schemes.
Guidance applies to England only.
The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
The Coronavirus Business Interruption Loan Scheme (CBILS) supports small and medium-sized businesses, with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance of up to £5 million for up to 6 years.
Eligibility
You’re eligible if:
- your business is based in the UK;
- your business has an annual turnover of up to £45 million;
- your business has a borrowing proposal which the lender would consider viable, if not for the coronavirus pandemic;
- you can self-certify that your business has been adversely impacted by coronavirus.
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
On March 17, HM Treasury announced a number of measures designed to support businesses.
The Chancellor 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.
You can find out more about the support available by clicking the link below:
All in all, there are currently a wide range of schemes available for you to access online to support your business, or your livelyhood.
If you’re concerned about mortgages, remortgages or your protection products, we’re here to help.
Arrange to speak to a member of our team at a time best suited for you.