Wednesday, 18th March 2020, Updated 20th March 2020
Following the Spring Budget the Government have made further announcements in their efforts to help support businesses, employers and individuals.
The Chancellor Rishi Sunak has promised that they will do “whatever it takes” to protect jobs, our businesses and our lives.
As at today, the Government have introduced:
- £330 billion in loans to combat the “Economic Emergency”
- 100% Business rates relief where the rateable value is below £51,000
- £10,000 Grant funding* for small businesses
- £25,000 Grant funding* for retail, hospitality and leisure businesses
- Special help for airlines
- *grants to be provided by local authorities
- Sick pay for businesses with less than 250 employees
- Business interruption loans of up to £5 million – interest free for 12 months – delivered by the British Business Bank
Deferred VAT payments until 30 June 2020; and Income Tax 2nd payment on accounts until 31st January 2021
A Coronavirus Job Retention Scheme – reimbursing 80% of furloughed workers wage costs, up to a cap of £2,500 per month
- Incoming IR35 rules delayed until 6 April 2021
- The HMRC Time to Pay scheme to support businesses paying tax
Detailed guidance for businesses can be found here >> https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Further help has been made available to the self-employed and employees:
- Three month mortgage break – for Individuals and Landlords
- Better access to Universal Credit and Employment Support Allowance
- Sick pay guarantee for those affected by Coronavirus
- Help for tenants with a 3 month ban on evictions
Guidance on Universal Credit can be found here >> https://www.gov.uk/self-employment-and-universal-credit
How to access the grants and loans?
The Government is committed to ensuring access to the above is made available within the coming days.
Whilst it is currently unclear what the specific criteria for accessing the grants and loans will be, at Onyx we are liaising with Local Authorities and Growth Hubs up and down the country to collate the facts as they are released.
As part of our services, Onyx are dedicated to working with our clients to identify their eligibility for grants and loans along with providing the support with the application process.
Do you need help? Get in touch with Onyx now.
If there is anything that we can do from a business or a personal perspective then please give us a call or e-mail us at firstname.lastname@example.org .
We will do all we can to help.