With the Government advising people to minimise unnecessary social contact and to work from home where possible, many businesses will be struggling with the consequent economic impact.
To help you deal with the impact coronavirus could have on your business, we have put together a short guide to the support that is currently available and the considerations you need to be aware of:
- Business rates – Abolished for businesses in the retail & leisure sectors where the rateable value of the premises is below £51,000.
- £3,000 cash payment – Available to businesses eligible for small business rates relief. If you believe you are eligible for this payment, please contact your local authority for information about how to claim.
- Coronavirus Business Interruption Loan Scheme (CBILS) – Worth up to £1.2 million for UK-based businesses with an annual turnover of up to £41 million, which will be made available through most UK banks and guaranteed by the Government through the British Business Bank. CBILS can take the form of:
- Term facilities
- Invoice finance facilities
- Asset finance facilities
There are a number eligibility criteria for CBILS, which can be viewed at the British Business Bank.
- Time-to-pay relaxation – If you cannot pay taxes owed to HM Revenue & Customs (HMRC) as a consequence of coronavirus, you should contact the HMRC Coronavirus Helpline:
- Telephone: 0800 015 9559
- Monday to Friday, 8am to 8pm, Saturday, 8am to 4pm
- Statutory Sick Pay (SSP) from day one – Anyone who cannot work as a consequence of coronavirus is now entitled to SSP from the first day they are off work. It is expected that NHS111 Online will soon provide a facility to obtain a sick note.
You will need to amend this using an override in your payroll software.
- SSP refunds for small employers – Employers with fewer than 250 employees will be able to reclaim from the Government the cost of SSP for up to two weeks per employee who has been absent owing to coronavirus
For more information about how you can safeguard your business from the impact of coronavirus, please contact us.