Government Suppport Available
Here’s what we know are available to businesses to help them weather the storm. We will keep this summary as updated as we can and post new links where applicable. Whilst this is intended to be helpful, please do your own independent research and take direct advice (including legal advice) if required.
Jobs Retention Scheme
A Coronavirus Job Retention Scheme offering up to 80% of monthly wages up to £2,500
Deferral of VAT and Income Tax payments
Statutory Sick Pay relief package for SMEs
A 12-month business rates holiday for retail, hospitality and leisure businesses in England
Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
Grant funding of £25,000 for retail, hospitality and leisure businesses
Loans of up to £5 million for SMEs through the British Business Bank
For full details of these schemes visit the governments support page.
Some of these provisions will be immediate, whereas others, for example the implementation of the payment of monthly wages, are likely to take a few weeks to set up. Regardless, these are meaningful and substantial measures, and will help to provide some relief to businesses and their employees in this difficult time.
This scheme allows self-employed individuals claim up to 80% of their monthly profits from the government, up to £2,500 per month. There is a certain criteria for meeting eligibility for this scheme, however they are clearly outlined.
Industry bodies are a good source of guidance and advice.
They will also lobby Government on behalf of their members. Even if you are not a member, there’s no reason not to seek their help in terms of information and a next step you could take.
List is not meant to be comprehensive, and we will continue to flesh this out.
Banks and lending institutions
If you have a concern around meeting repayments, contact your bank as soon as possible and let them know. Some banks are offering deferred payment periods, but do not assume that this automatically applies to your circumstances.
Other things you could do to reduce outgoings
If there’s a time to review your outgoings, now is the time to identify opportunity to request deferred payments or to switch to a new provider
The areas covered above offer perhaps the most accessible and valuable measures to help businesses prepare for the coming months. Taking these first steps is likely to promote a feeling of taking control of the circumstances, and hopefully lead to other, more creative measures to help businesses to emerge from the likely economic downturn in the best possible shape.