In light of recent events surrounding the financial impact Corona Virus is having on businesses, Government are providing measures of support through funding options. Check your eligbility to ensure you are safeguarding yourself, colleagues and business through these uncertain times. Below are the top 5 funding options recently announced.
- In response to those having to self-isolate, the Government has announced that it will refund the cost of up to 14 days statutory sick pay for businesses with less than 250 employees.
- Businesses in the retail, leisure and hospitality sector with a rateable value of up to £51,000 will not have to pay any business rates in the year 20-21 to help with the loss in demand.
- A new Coronavirus Business Interruption Loan Scheme, will enable businesses who turnover less than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees.
- Businesses who are already exempt from paying rates will be eligible for £3,000 grants to help meet business costs such as rent and bills.
- SME’s who can no longer pay their tax bills due to the crisis, can ask HMRC for a ‘time to pay’ agreement which will suspend tax collection with the annual 3.5% annual deferred rate waived. If you would like more information and advice on how businesses can survive this crisis, please see the Government website.