Coronavirus Financial Support

GRANTS:

LOANS:

BUSINESS SUPPORT HELPLINE:

  • The Business Support Helpline number in England has changed to FREEPHONE 0800 998 1098. The helpline provides free, impartial business support and signposting services to businesses in England – which currently includes business advice on Covid-19.  

OTHER FINANCIAL SUPPORT:

JOB RETENTION SCHEME:

  • 80% of wages, including pension and NI – up to £2,500/month
  • Extended until end of October 2020 with 80% contribution from Government continuing until end July
  • From August 2020, flexible furlough being introduced, with employers asked to also contribute towards the 80% contribution (details to follow end of May)

TIME TO PAY SERVICE:

  • VAT – for payments due between 20.3.20 and 30.6.20 – deferred to 31.3.21
  • self assessment payment on account due 7.20 deferred to 31.1.21
  • Contact HMRC helpline if unable to pay other tax bills

SSP REBATE FOR COVID RELATED SICKNESS ABSENCE:

  • up to 2 weeks of SSP for every eligible employee. Must maintain records of staff absences and payments for SSP – don’t need a GP fit note .
  • Scheme launches 26th May 2020.
  • Receive repayments at the relevant rate of SSP that has been paid to current or former employees for eligible periods of sickness starting on or after 13 March 2020.
  • Employers are eligible if they have a PAYE payroll scheme that was created and started before 28 February 2020 and they had fewer than 250 employees before the same date.

 GOVERNMENT SUPPORT OF TRADE CREDIT INSURANCE GUARANTEE:

  • Businesses with supply chains which rely on Trade Credit Insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government
  • The guarantee will be delivered through a temporary reinsurance agreement with insurers currently operating in the market.
  • The government will work with businesses and the industry on the full details of the scheme to ensure firms are supported and risk is appropriately shared between the government and insurers.
  • The guarantees will cover trading by domestic firms and exporting firms and the intent is for agreements to be in place with insurers by end of this month.
  • The guarantee will be temporary and targeted to cover CV-19 economic challenges, and will provisionally last until the end of the year. It will be followed by a review of the TCI market to ensure it can continue to support businesses in future. Further details will be announced in due course.

 

 

Posts relating to the coronavirus