Following the announcement last night regarding loans and grants available for small businesses in the wake of the Coronavirus, the government have set up the Business Support Helpline (England) Click HERE . Telephone: 0300 456 3565, Monday to Friday, 9am to 6pm
Find up to date information on support for businesses online HERE.
The Chancellor has set out a package of temporary measures to support public services, people and businesses through this period of disruption caused by COVID-19, including:
- Statutory sick pay relief package for SMEs
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England. Any enquiries on eligibility for, or provision of, the rate reliefs should be directed to the relevant local authority.
- 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 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.
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- A Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance
- A HMRC Time To Pay Scheme which will support all businesses and self-employed people in financial distress and with outstanding tax liabilities. These will be agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
- Insurance: confirmation that businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim. Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business interruption insurance policies are dependent on damage to property and will exclude pandemics.
Read further detail on all the government initiatives above by clicking HERE.
Mortgage lenders will also offer a three-month holiday for people in financial difficulty as a result of the virus. Read more HERE.
Federation of Small Businesses – read their advice, including guidance for employers HERE.