• A £330 billion package of loans and guarantees is being provided to support small and medium businesses – that’s worth 15 per cent of our GDP.
• All businesses in the retail, hospitality and leisure sectors will nothave to pay business rates – meaning that none of these.
• Increasing grants for the smallest businesses from £3,000 to £5,000.
• Small and medium-sized businesses will be supported to cope with the extra costs of paying Statutory Sick Pay (SSP) by refunding eligible SSP costs. The criteria for eligible businesses are:
- The refund will be limited to two weeks per employee who has claimed SSP as a result of Covid19.
- Employers with fewer than 250 employees will be eligible.
- Employers should keep records but should not require employees to provide a doctor’s note.
- The eligible period will commence from the day on which regulations extending SSP come into force.
- The Government is working with employers over the coming months to set up the repayment mechanism for employers as soon as possible.
• Businesses and self-employed people may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service. Arrangements are agreed case-by-case. Businesses can contact HMRC’s new dedicated COVID-19 helpline from 11 March 2020 for advice.
• Planning rules will be relaxed so pubs and restaurants can operate as hot food takeaways during the coronavirus outbreak.
See Also
