Governments Support for Business
Job Protection measures: A new ‘Coronavirus Job Retention Scheme’ to cover wages which will start within weeks:
• All businesses, third sector organisations and not-for-profit organisations are eligible
• To access the scheme they will have to apply to HMRC
• The grant will be given to employers who have staff who are still on the payroll but who are not working
• Businesses can claim up to 80% toward staff salaries up to a maximum of £2,500pm
• The claim can be backdated to the 1st March 2020
• The government has set no financial limit to claims
Note: those on zero hours contracts may be eligible but only if they are on the payroll
The interest free period of the grant and loan scheme previously announced by government will now be extended from 6 to 12 months and will be available from Monday (23.3.20); more information on this will follow.
The government will defer the next quarters VAT payments to the end of June and extend repayment to the 31st March ’21.
Support for those who are self-employed:
• An increase by £1,000 to Universal Credit
• An increase by £1,000 to Universal Tax Credit basic amount
• Minimum income floor suspended so that self-employed people can access these funds
• Access to Full Universal Credit equivalent to Statutory Sick Pay
• Self-assessment to be deferred to January 2021
Other news:
• £1bn of support to housing benefit and Universal Credit
• Local Housing Allowance will cover at least 30% of market rents
For more details and to find out how to apply go to:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses