Coronavirus Government Support

I hope everyone is well and following the social distancing. It’s been strange at home, with all my three children and trying to be a teacher! I am very fortunate to live in the middle of nowhere and I can easily walk my dog and get plenty of fresh air. At least the sun is shining!

There has been so much information out there since all the different Government announcements. Most people are covered under one of the schemes. Unfortunately, some are not.

Here is a review and link of all the support that’s available.

https://www.gov.uk/coronavirus/business-support

There are still clarifications for certain schemes and things will take longer as they get all the procedures and criteria together.

Thank you all and if you need any help, please do not hesitate to contact us.

Our garden and spring flowers.

    Budget 2020

    For the small business

    Photo by JESHOOTS.COM on Unsplash

    So the Government has announced mainly for the coronavirus breakout and how it will help those that will struggle through the containment stage. From the perspective of a small company the following has been introduced

    • Those on small business rates relief will be able to gain a £3,000 cash grant in England. At the moment, not clear how this will be accessed.
    • Retail, leisure and hospitality (including hotels, restaurants and coffee shops) with a rateable value of less than £51,000 will pay no business rates for the whole year.
    • Pubs with a rateable value below £100,000 will have an increase on their business rate discount from £1,000 to £5,000 in England.
    • Statutory sick pay will be refunded for the first 14 days for Small to Medium Sized business with fewer than 250 employees.
    • Statutory sick pay will be paid immediately for those that have to self isolate, instead of the usual 3 days waiting period.
    • A Business Interruption Loan Scheme will be set up, lending small businesses on amounts up to £1.2m
    • Bank of England have dropped interest rates from 0.75% to 0.25%.
    • National Insurance for employees (not employers) will increase to £9,500.
    • Employment allowance up from £3k to 4k, for those with a NI bill under £100k

    Any updates will be added when available.