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:
Information up to date as at 20 March 2020