If your business is likely to suffer financially there were a number of initiatives announced in the Budget.
Many banks are also trying to help by offering the deferment of mortgage payments and cancelling fees – Call your bank and find out.
In the recent Budget (11 March 2020) the Chancellor announced details of support for public services, individuals and businesses to ensure the impact of COVID-19 is minimised.
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 £1.2 million, with the government covering up to 80% of any losses with no fees. This will unlock up to £1 billion pounds to protect and support small businesses.
Keep an eye on this link below as it will be updated with details of how you can apply for this
For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full. This will provide 2 million businesses with up to £2 billion to cover the costs of large-scale sick leave.
Why not contact your accountant? 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.
There will be a £3,000 cash grant to 700,000 of our smallest businesses, delivered by Local Authorities, and worth a total of £2 billion. We are awaiting further information from Bury Council and our local Member of Parliament and will keep you updated with this.
Finally, the government is temporarily increasing the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value.
We are awaiting further information from Bury Council who are working on the mechanics of this at the moment, as soon as we have further information, we will publish it here/
As we write this, we understand that there is discussion about further financial support yet to be announced.
We will keep you all updated on any information we receive.
