The Government has announced as set of measures to help businesses and employees during this pandemic and the Council are working closely with Central government to get the best advice and support for businesses.
Find out more information below regarding how businesses can access support:
Coronavirus Business Interruption Loan Scheme
A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Businesses can access the first 6 months of that finance interest free, as government will cover the first six months of interest payments.
Find out how to apply and more details: Coronavirus Business Interruption Loan Scheme
Business Rates Relief and support
The Council continues to work closely with Central Government to get the best advice and support for our local businesses. We have now received clarity from Government on how various packages of relief and support should be administered. The increase in retail relief will be applied automatically to the qualifying businesses. You will not be required to do anything. We are now applying the reliefs and you will receive a letter by the end of week commencing 30 March confirming this.
- Retail relief being increased from 50% to 100% and the scope extended to include all hospitality and leisure properties irrespective of their rate-able value (including Pubs).
- £10,000 grant to small businesses that pay little or no business rates and are eligible for small business rate relief or retail relief with a rateable value below £15,000
- £25,000 grant for retail, hospitality and leisure businesses with a rateable value between £15,000 and £51,000. The government is also introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.
- A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
Find out more here : Business Rates Relief
Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
Find out more here : Self-employment Income Support Scheme
Statutory Sick Pay
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 two million businesses with up to £2 billion to cover the costs of large-scale sick leave.
More details here : Statutory Sick Pay
Deferring VAT and Income Tax payments
The Government will support businesses by deferring Valued Added Tax (VAT) payments due between 20 March 2020 and 30 June 2020.
Find out more : VAT Payments
Covid-19 Corporate Financing Facility
The new Covid-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from larger companies. This will support companies which are fundamentally strong but have been affected by a short-term funding squeeze.
Find out more : Corporate Financing Facility
Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme that was created and started on or before 28 February 2020, will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’.
Find out more : Coronavirus Job Retention Scheme
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