COVID-19 What key support is available for UK businesses

At this point in the Corona Virus crisis there is a lot of information being provided in the public arena about what small businesses can claim on a daily basis to business owners and employees.

 

We are summarising the key initiatives for the ease of our SME business owner clients, as to the current status of such announcements:

 

  • £10,000 Grants – if you are a business paying little or no business rates, your local authority will be in touch in due course to advise on this initiative – you cannot do anything to claim it at present.
  • 80% reimbursement of wages (capped at £2,500 per month )- this will be for designated furloughed workers (those that would have otherwise been laid off). A portal will be up and running in due course for all UK businesses to apply
  • An 80% government backed loan scheme available to UK SME’s (small medium entities). Interest free for first 12 months. Details of how to access will be released by British Bank next week.
  • Time to pay arrangements for VAT. Call HMRC directly to discuss financial distress and payments plans. These will be arranged on a case by case basis.
  • A delay in personal tax payments from 31 July 2020 to 31 January 2021
  • Details of reimbursement of SSP has already been released.

More details can be found here:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

 

Information up to date as at 20 March 2020

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