• A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £5 million, with a government-backed guarantee of 80% on each loan. The Government will also cover the first 6 months of interest payments, so businesses will benefit from lower initial repayments.

• • Please note that presenting a “sound borrowing proposal” has been marked by the Government as one of the main requisites for successful applications. Please speak to us to request more information on how we can advise your business about producing the key financial data and preparing an effective, well-documented loan proposal, crafted to present your business in the best possible light.

• For businesses with fewer than 250 employees, the cost of providing up to 14 days of statutory sick pay per eligible employee because of COVID-19 will be refunded by the government in full.
• A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
• The government is temporarily increasing the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value. Nearly half of all business properties will not pay a penny of business rates.

Guidance for employers addressing Coronavirus (COVID-19)

Please refer to the Guidance published by the Government and available at the following link