For the small business
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.