Some more detail regarding the support the government announced last night can be found here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
This support includes:
- a statutory sick pay relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- 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
- the HMRC Time To Pay Scheme
A couple my thoughts on this:
- Nothing is in place yet – other than the business support line detailed below for taxes due now – (please note HMRC need to be aware of the tax due before you can spread this)
- Grant funding is provided by the Local Authority and they will contact you and is only available for those who pay business rates (as far as I can tell)
- The loan scheme provided through the banks and is a security guarantee scheme. Banks are useless at the best of times and I hope I am wrong about this but I don’t hold out much hope of the bank pushing through loans on this scheme quickly.
We will know much more next week and will keep you posted.
If you have any specific questions not included in the above guidance please let us know – however, we are in a similar boat to everyone else so will try and read and distribute information as it happens.