COVID- Coronavirus update
The Department for Business, Energy & Industrial Strategy for trade associations, business representative bodies and business intermediaries has provided important information on Coronavirus (COVID-19)
UK government recently released Bulletin on impact of Coronavirus on businesses and in reference to Chancellor recent budget announced that £30bn will be invested into the infrastructure to manage the spread Corona virus and its affects to the economy and stress impacted on NHS.
Several measures have been brought to tackle strain on the economy as follows:
- A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees. This will unlock up to £1 billion pounds to protect and support small businesses.
- For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full. This will provide 2 million businesses with up to £2 billion to cover the costs of large-scale sick leave.
- A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
- There will be a £3,000 cash grant to 700,000 of our smallest businesses, delivered by Local Authorities, and worth a total of £2 billion.
- Finally, the government is temporarily increasing the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value. Nearly half of all business properties will not pay a penny of business rates.
Online resources for businesses and employers
For the latest information and advice, employers and business owners should visit guidance for employers and businesses. Check the page regularly for updates and subscribe to receive email alerts.