Corona Virus - Support for Small Business
Posted on 17th March 2020 at 21:21
The government has announced financial support for small businesses to help them through the uncertainty, financial concerns and how they will continue to trade through the restrictions brought about by the Corona Virus or Covid-19. We explain what this means for small businesses.
Support Promised by the Government to Small Businesses
The Government have promised the following help for small businesses to help them though the uncertainty of Covid-19:
Sick Pay - Up to 2 weeks Statutory Sick pay can be reclaimed for employees who have been off due to Covid-19.
Business Rates - Businesses paying Businesses Rates who receive Business Rates retail discount will be provided with a grant of £25000 who have a rateable value between £15,000 and £51,000. Retail, hospitality and leisure businesses will have payment holidays on business rates.
Companies receiving Small Business Rates Relief - possible one-off grant of £10,000 to help pay for ongoing costs. You will be contacted in early April if you are eligible.
Business Interuption Loan Scheme - Access to bank loans and overdrafts of up to £5 million. These will be 80% guaranteed by the Government. The first 6 months will be interest free as the government will cover the interest payments.
Help with paying Taxes - if companies or individuals owe tax and are struggling to pay their Personal or Corporation Tax due to the affects of Covid-19 on their business, they can apply for support through the Time To Pay service. HMRC will look at eash case individually.
For more Information see Covid-19: Support for Businesses
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