As you may have seen the government has set aside emergency funding of £330 billion for businesses of all sizes in a bid to help those impacted by Coronavirus.
Below we've summarised the first wave of measures introduced as part of Rishi Sunak's vow to do "Whatever it takes" to keep the economy going through this unsettling time.
The measures so far
- Government backed loans with attractive terms for payment of rent, salaries, suppliers or stock.
- For businesses in retail, hospitality and leisure, rates will be waived for 12 months for 2020/21.
-The Coronavirus Business Interruption Loan Scheme expanded from £1.2m to £5m with an interest waiver for first 6 months.
-Grants to small businesses eligible for Small Business Rate Relief will be increased from £3,000 to £10,000.
-Further £25,000 grants for retail, hospitality, and leisure businesses operating from smaller business premises defined as those within a rateable value between £15,000 and £51,000.
-£10,000 one-off grant to businesses that pay little or no business rates due to small business rent relief or rural rate relief.
-Small and medium sized business will be able to reclaim SSP for sickness due to COVID-19.
-The advice to avoid pubs, clubs and theatres is sufficient to trigger a claim under business interruption insurance.Pubs and restaurants are able to provide a takeaway service without a planning application.
Details of how all of the above initiatives will work and how to access them will be revealed next week by the government, hopefully alongside some broader measures to help the self employed who may not necessarily benefit from any of the above and also support on employment matters.
We will endeavour to keep clients informed at all times and again would encourage you to contact us should you have any concerns or questions.