COVID-19 Government Support Initiatives

The government has introduced a number of measures to support businesses impacted by COVID-19 that require temporary financial relief. As well as the CBILS and CCFF schemes.

Initiatives available include:

Coronavirus Job Retention Scheme 

To help UK businesses retain their staff on the payroll when business has been forced to stop. 

• Wage subsidy which covers 80% of a qualifying employee’s wage, at a monthly cap of £2,500
• Employers must identify ‘furloughed’ workers and notify them that their status has changed 
• Employers can top up salaries above this level if they choose
• Scheme will run from 1 March 2020 and has been extended until the end of March 2021. 

Business Rates Holiday 

A reprieve from paying business rates for those in the retail, leisure, and hospitality sector, for 12 months, regardless of their rateable value.

• The business rates holiday is available to all sizes of companies within this sector
• Automatic entitlement with no application necessary
• Council tax bill for April 2020 will be issued – or reissued – to exclude the charge for business rates 
• A business rates holiday will also be introduced for nurseries in England for the 2020–21 tax year

Statutory Sick Pay (SSP) Reimbursed 

UK-based companies with fewer than 250 employees will now be able to reclaim SSP which has been paid to employees for up to two weeks. 

• Employees will be eligible for SSP from the first day of illness rather than the fourth
• When illness is directly related to coronavirus, employers can claim back the cost from the government to cover a two-week absence

Grants For SMEs 

Non-repayable cash grants will be made available to help those in the retail, leisure, and hospitality industry. Many smaller businesses outside of these sectors will also be entitled to a government grant.

If you would like further information on the above, please speak to your usual Begbies Traynor contact, or fill in the form below to request a call back