...and Folkes Worton can advise you on how to access the right help for your business
Coronavirus business interruption loan scheme
This is designed to support businesses to access bank lending and overdrafts.
The government will provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance to SMEs. This scheme will not cost businesses or banks anything and can support loans up to £1.2 million.
If you would like more information on this or support in applying for a loan, please don’t hesitate to get in touch with us.
Business Rates Retail Discount Scheme
It was announced in the budget that the Business Rates Retail discount scheme will be expanded in England to the leisure and hospitality sector and increase the discount from 50% to 100% a year.
There is also a change in the planned discount available to pubs, with this being raised to £5,000.
Businesses that received the retail discount in 19/20 will be re-billed by their local authority ASAP, but those who are newly eligible may need to apply for the discount.
Don’t miss out- if you need any help or advice on applying for this discount get in touch with us now.
Small Business Grant
Small businesses in England that already pay little or no business rates because they receive small business rate relief or rural rate relief will be entitled to a one-off grant of £3,000 to help support them with business costs. This will be provided by local authorities.
Could you be eligible for this grant? If you would like some advice on how to apply for this, get in touch with us now.
Statutory Sick Pay
It has already been announced that SSP will be available to individuals diagnosed with coronavirus from the first day of leave rather than the fourth day. This has now been extended to those who are self-isolating in line with government advice.
For self-employed people or those not eligible for SSP, the government intends to relax the rules on claiming certain benefits for those who are unable to work due to coronavirus diagnosis or self-isolation.
Businesses with fewer than 250 employees will be able to reclaim up to two weeks of SSP. This will be based on the number of people employed as of 28th February 2020.
For any advice or support on issues related to statutory sick pay, get in touch with us now.
Budgeting and Forecasting for Coronavirus
If you would like to apply for any of the support available from the government/local authorities, you may require budgets and forecasts for up to 12 months. Should you need any help with completing these, get in touch with us.
A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities. There may be the opportunity for businesses to agree a bespoke ‘Time-to-Pay’ arrangement meaning there may be potential for tax liabilities to be deferred/delayed. If you are concerned about being able to pay you tax due to coronavirus, call HMRC’s dedicated helpline on 0800 0159 559 or get in touch with us and we can support you with this.
If you would like to know which of these schemes could help you to plan your business over the coming month, please do not hesitate to call us on 01384 376964
We now have a dedicated page for Business Planning for Coronavirus (COVID-19)
For Government Guidance on the epidemic, please visit https://www.gov.uk/government/news/coronavirus-covid-19-guidance-for-employees-employers-and-businesses