The Chancellor set out a £12 billion package of temporary measures to support businesses, individuals and public services disrupted by COVID-19.
Small and medium sized businesses can reclaim SSP paid to employees in absence due to COVID-19. Certain eligibility criteria apply. Details can be found on Gov.uk at the following link: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
- Business Rates - For businesses who pay business rates
The government have introduced a 12-month business rates retail holiday for all retail, hospitality and leisure businesses in England.
A £25k grant has been implemented for retail, hospitality and leisure businesses operating from smaller premises, with a rateable value of between £15k-£51k.
Any enquiries should be directed to the relevant Local Authority.
- Business Rates - For Businesses that pay little or no business rates
There will be a one-off grant of £10k provided to businesses currently eligible for SBRR or rural rate relief.
If your business is currently eligible for SBRR or rural rate relief, you will be contacted by your Local Authority – you do not need to apply.
Funding is due to be available to LA’s by early April.
- ‘Time to Pay’
HMRC have implemented an agreement for SMEs that cannot pay their taxes. The scheme suspends debt collection and reduces interest payments. Each agreement is considered and negotiated on a case-by-case basis through a HMRC hotline.
To enquire please call HMRC on: 0800 0159 559
- CBILS (Coronavirus Business Interruption Loan Scheme)
This is a new temporary loan scheme, delivered by the British Business Bank (BBB)
It allows businesses to access lending and overdrafts.
The Government will guarantee 80% of each loan and will allow the business to access the first 6 months of finance interest free.
You will not be charged for the 80% guarantee, but you do remain 100% liable for the debt.
Apply for credit via the BBB.