The Government has announced a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England. Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority. Guidance for local authorities on the business rates holiday will be published shortly and disseminated thereafter.
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief. If your business is eligible for SBRR or rural rate relief, you will be contacted by your local authority – you do not need to apply. Funding for the scheme will be provided to local authorities by government in early April. Guidance for local authorities on the scheme will be provided shortly.
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000.
- The Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance – further information can be found here: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
- The HMRC Time To Pay Scheme to help with tax – further information on this scheme can be found here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
- Self-Employed https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
- Directors and Employers https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
Directors that cannot work can also furlough themselves and can carry on statutory duties only. If they continue to work as normal but less then furlough does not apply. They can only claim for their PAYE salary and not the dividend element.
These packages are changing daily, for the latest information and advice on COVID-19 check out the UK government website: https://www.gov.uk/coronavirus
One of our members The Number Crunchers have also supplied a really Helpful Guide For Small Business.
Please Click Here to download a copy.
For those members who are struggling the Citizens advise can also help.