The Government yesterday announced further support available to businesses effected by COVID-19. We have highlighted the announcements below which may be of use to you:
– Small business grant funding of £10,000 available for all businesses in receipt of small business rate relief or rural rate relief. This replaces the previous promise of a £3,000 grant (Funding for the scheme will be provided to local authorities by the Government in early April).
– Grant funding of up to £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000 (Any enquiries on eligibility for the reliefs should be directed to the relevant local authority)
– A 12-month business rates holiday for all retail, hospitality and leisure businesses in England.
– The Government has announced they will offer guaranteed loans of up to £330 billion to businesses with no interest payable for the first 6 months on loans no more than £5 million. Details of obtaining these loans is promised to be released next week.
– Businesses that have insurance cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim.
– All mortgage lenders will give a mortgage holiday of 3 months if you are having financial difficulties due to the Coronavirus.
– The IR35 Off-Payroll Legislation has been delayed by 1 year to April 2020.
Full details of support can be found on the Government’s website: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses