Business Support - COVID-19 (Coronavirus)
Emergency Support, Grants and Business Rates Relief
In his statements on 17th and 20th March 2020 the Chancellor announced the following support for businesses for 2020-21:
An initial £330 billion of guaranteed loans for businesses:
- To support larger firms - a new lending facility with the Governor of the Bank of England to provide low cost, easily accessible finance.
- To support Small and Medium sized businesses - an increase in the level of support available through the Business Interruption Loan Scheme from £1.2 million up to £5 million on attractive interest free terms for 12 months to help businesses pay their rent, salaries, suppliers or purchase stock.
Both of the above schemes are now available and being managed by the British Business Bank and over 40 accredited lenders.
- VAT payments for the next quarter (up to the end of June) will be deferred, and businesses will have until the end of the financial year to repay those bills.
- A new Job Retention Scheme will offer a grant to cover 80% of the salary of retained workers who are not working, but are furloughed and kept on payroll, rather than being laid off. It will be available for 3 months (from 1st March) and any employers - small, large, charitable or non-profit organisations will be eligible for the scheme.
- To support self employed people the next self assessment payment will be deferred until January 2021 and self employed people can now access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees.
- HMRC Tax helpline will also offer practical help and advice to support businesses and self employed people who are concerned about not being able to pay their tax due to the coronavirus. Telephone 0800 0159 559.
- All businesses in the retail, hospitality or leisure sectors, including: shops, public houses, theatres, music venues and restaurants will pay no Business rates for 12 months.
- Some childrens nurseries who are providers on Ofsted's Early Years Register will not have to pay business rates for the the 2020-21 tax year.
- Retail, hospitality or leisure businesses with a rateable value of between £15,000 and £51,000 can access an additional cash grant of up to £25,000.
- All business's eligible for Small Business Rates Relief (SBRR) or Rural Rates Relief (RRR) will receive a one-off cash grant of £10,000 (up from £3,000) to help meet ongoing business costs.
Please note: At this time we are currently waiting for further guidance from Government, which is due this week. However, businesses will not need to apply for the Business Rates Relief or the two new grants. Eligible businesses will be identified through the business rates system and will receive the grants once funds are available.
If you do not pay your business rates by direct debit or you qualify for Small Business Rates/Rural Rates Relief, we do not hold any bank account details for you. We will need to confirm your business's bank details in order to make a payment to you. Complete our online bank details form confirming these details, so that we can award the grant via BACS to qualifying business's.
Details on the latest Gov.uk COVID-19 (Coronavirus) business support and Gov.uk COVID-19 (Coronavirus) guidance for businesses, employers and employees are available online.
Useful information and guidance for businesses is also available via the Cheshire and Warrington Growth Hub