What you need to know?
The government has introduced the Coronavirus Job Retention Scheme. This scheme has been introduced help cover the cost of wages for employees who are on temporary leave due to Coronavirus.
It is very important to ensure you check with your local council websites for additional support in regards to business support. Each local council is handling the support proceedure slightly differently. You can use this website to search for your local council in your area.
Below we have some general information which can help you with your business during the Coronavirus outbreak. We also have a custom-made Self-Employment Grant Calculator which can provide you with an approximate figure for the grant you are owed by the Government. Jump to the calculator by clicking here.
If you cannot maintain your current workforce because your operations have been severely affected by coronavirus (COVID-19), you can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage.
Coronavirus Job Retention Scheme is currently inplace for 3 months starting from 1 March 2020, but it may be extended if necessary and employers can use this scheme anytime during this period.
Funding and financial support for businesses
The Government has provided a lot of support for the businesses in the UK. Here is a list of the current packages and schemes in place for businesses:
- a Coronavirus Job Retention Scheme
- deferring VAT and Self-Assessment payments
- a Self-employment Income Support Scheme
- a Statutory Sick Pay relief package for small and medium sized businesses (SMEs)
- a 12-month business rates holiday for all retail, hospitality, leisure and nursery 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 offering loans of up to £5 million for SMEs through the British Business Bank
- a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- the HMRC Time To Pay Scheme
For more detailed information about these schemes and packages, including information on how to apply, click here.