This week the Chancellor set out £12bn package of support in response to the challenge of COVID-19. We have outlined the key measures for business here.
The Financial Statement on 17 March offers an enhanced package of support for business. See the summary here.
HM Treasury have released a factsheet to summarise the points set out in the budget. You can download this here.
Statutory Sick Pay (SSP)
- SSP is now available to eligible individuals that are diagnosed with COVID-19 or are self-isolating in line with the latest Government advice.
- SSP is provided to eligible individuals from day 1 instead of day 4.
- Eligible small and medium sized businesses will be able to reclaim SSP paid for sickness absence due to COVID-19 for up to two weeks per individual. Employers should maintain records of staff absences to reclaim. Employees do not need to provide a GP fit note.
- Those not eligible for SSP (self-employed or below the Lower Earning Limit) can claim for Universal Credit or Contributory Employment and Support Allowance.
Business rates retail discount
- The Business Rates retail discount will be increased to 100% for one year and will include all businesses in the retail, leisure and hospitality sector. Guidance will be published by 20 March.
Small Business Rate Relief (SBRR)
- The government will provide a one-off grant of £3,000 to around 700,000 businesses currently eligible for SBRR or Rural Rate Relief.
Coronavirus Business Interruption Loan Scheme
- The Coronavirus Business Interruption Loan Scheme is provided by the British Business Bank and will be launched on Monday 16 March. Find out more information about the loan and the accredited lenders.
HMRC's Time To Pay Service
- Any business or self-employed people in financial distriss and with outstanding tax liabilities may be eligible for support with tax. For Time to Pay support if you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated Coronavirus helpline on 0800 0159 559.
The information provided is meant as a general guide only rather than advice or assurance. GC Business Growth Hub does not guarantee the accuracy or completeness of this information and professional guidance should be sought on all aspects of business planning and responses to the coronavirus. Use of this guide and toolkit are entirely at the risk of the user. Any hyperlinks from this document are to external resources not connected to the GC Business Growth Hub and The Growth Company is not responsible for the content within any hyperlinked site.