Government financial help available for businesses
The Government has announced a £350 billion package of financial support to help UK businesses with the effects of the coronavirus pandemic.
But how can this help your businesses specifically? We’ve pulled together the key parts of the Chancellor’s package that could benefit you.
What help is available if you’re struggle to pay staff wages?
If you’re struggling to maintain your current workforce because your operation has been affected by coronavirus, you can furlough your staff and apply for a grant to cover 80% of their usual monthly wage, up to £2500 a month.
This grant is currently due to run until 1 June 2020, but it’s likely this will be reviewed as we reach this date.
Did you know you can defer tax payments?
Businesses can now choose to defer VAT payments due between 20 March 2020 and 30 June 2020. If you choose this option you do not need to inform HMRC, and no interest or penalties will be applies.
Any deferred payments will need to be paid by 31 March 2021.
Are you eligible for a business rates holiday?
If eligible no action is needed, and your local council will apply the discount automatically. You can calculate the business rate relief using the online calculator.
What support is there for small businesses?
The Coronavirus Business Interruption Loan Scheme supports businesses with an annual turnover of up to £45 million, to access loans, overdrafts, invoice finance and asset finance up to £5 million for up to 6 years.
What support is there for large businesses?
The Large Business Interruption Loan Scheme is designed to help large businesses affected by coronavirus to access loans of up to £25 million.
What support is there for the self-employed?
You can apply for a grant through the Self-employment Income Support Scheme. This will allow you to claim a taxable grant worth 80% of your trading profits for the next three months, up to a maximum of £2,500 per month. This may extend longer than three months, depending on how the pandemic situation continues.
If you’re eligible you’ll be contacted by HMRC and be asked to apply online.
Still trading? Social distancing in the workplace
Government has also provided advice for how to implement social distancing at your workplace. Have a look and see what you can do to help protect your workforce and customers while continuing to trade.
We're here to help
Where we can help is through timely, practical and appropriate support for our business customers. If you think you may struggle to pay your bills on time, or are worried about building up debt during the pandemic, there are ways we can help. This might include discussing payment arrangements which take into account your individual circumstances.
For customers unable to renew their fixed contract with us, resulting in a move on to a potentially more expensive non-contract rate, let us reassure you that we will agree a new contract and backdate these prices once your business is operational again. These are unprecedented times; for the country, for us and for our customers, but we are working hard now to make sure we are all in the strongest position possible when life and business returns to normal.
Published April 2020
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