The global coronavirus pandemic naturally has a lot of people worrying. Worrying about their health and that of their loved ones. Paying their bills, getting the food and medicine they need. Worrying about the businesses they’ve built.
To help businesses who are facing difficulties and disruption as a result of the COVID-19, the government is introducing a series of measures.
Statutory Sick Pay Relief
The Chancellor stated that small businesses with fewer than 250 employees will, effectively, get a refund for up to 2 weeks worth of Statutory Sick Pay they supply to employees.
Business Rate Relief
The Government also announced a 12-month business rates holiday. It applies to retail, hospitality, nursery, and leisure businesses in the UK.
Businesses in these industries are likely to be most affected by lost business as people avoid busy places and unnecessary social contact.
Grant funding
There are a several grants and funding options available to businesses who need help as a result of the impact caused by coronavirus.
Small businesses who receive Small Business Rate Relief (SBRR) or the rural rate relief, and therefore don’t need help with business rates can instead receive grants of £10,000.
There is also a grant of up to £25,000 available for some retail, hospitality and leisure businesses. This is only if your property has a rateable value between £15,000 and £51,000 so this should provide some welcome relief for the smallest of businesses in the UK.
Lending options
There are a couple of lending options available to businesses, which should help cashflow during the crisis.
First of all, there’s the Coronavirus Business Interruption Loan Scheme which will be able to provide up to £5 million to small and medium-sized firms. This funding will be supplied by the British Business Bank.
Tax help if you’re struggling to pay
For those who are struggling to keep up with tax payments, particularly the upcoming Payment of Account bill due in July, help is at hand. If you’re worried about tax, there is a helpline you can call for advice.
The number is 0800 015 9559. Lines are open Monday to Friday from 8 am to 8 pm and Saturday from 8 am to 4 pm.
Support for lost income if you’re self-employed
While employees can get access to SSP, if you’re self-employed, it’s a completely different story. If you’re struggling with lost income and need support, there are plans to make it easier to get help.
The Government aims to make applying for Universal Credit easier, and the minimum income threshold will temporarily relax. You will also receive advance payments upfront and won’t need a Jobcentre interview to qualify.
There is also Employment Support Allowance for those who are unable to work due to sickness. This will be available to people with COVID-19 from day one of their sickness, rather than day seven.
While this is a very difficult period for businesses and individuals, these measures provide some relief.
Learn more about these reliefs and schemes>
How are you being affected by the COVID-19 crisis? Leave a comment below to share your thoughts and story.
