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COVID-19: update #1

By Lucy Harvey 19/03/20 at 12:14 pm

As part of our plan to ensure that everyone is kept up to date with the latest news regarding COVID-19 and the financial support offered by the government, we will be releasing a series of posts as and when new information becomes available. If you require clarification about anything discussed, please do not hesitate to contact us further.

Please find our first update below.

The current financial support is as follows:

  • SSP for two weeks can be reclaimed. You are then responsible for a further 26 weeks. No mechanism is in place to claim this yet. It is payable under the following conditions:
    – They have coronavirus
    – They have coronavirus symptoms, for example a high temperature or new continuous cough
    – Someone in their household has coronavirus symptoms
    – They’ve been told to self isolate by a doctor or NHS 111
  • Government backed loans. These will be available from the British Business Bank from next Monday 23rd March. Further details to be announced.
    – The Government will guarantee 80% of the borrowing.
    – Details are not yet clear but we believe some form of guarantee will be required for the 20%
    – You can access the first six months interest free
  • Twelve months business rates holiday  for business that qualify for small business rates relief (April 2020 to March 2021).
  • Twelve month business rate holiday for all business that are in retail, hospitality and leisure (April 2020 to March 2021).
  • One off grant of £10k if you qualify for small business rates relief.  You will need to rent or own a business property to qualify. This will be claimed from your local authority. It will be available from early April.
  • A one off £25k grant to retail, hospitality and leisure business operating from small premises with a rateable value between £15,000 and £51,000. This will be claimed from your local authority. It will be available from early April.
  • Support from HMRC to delay or stagger tax payments. Contact HMRC’s dedicated helpline 0800 0159 559

  We anticipate further support to enable business to retain employees and pay employees.

For anyone that is concerned or needs help understanding the above, give us a call on 01462 421521 – we will help support you and your business.

This information is being monitored daily and the details above may be amended if necessary. Subscribe to our newsletters to be the first to know if there any changes.

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