Business Support Information - COVID-19

We’re sure that many of you are experiencing disruption to your business as a result of COVID-19.

We are here to support you during this time and want to ensure that you have access to any relevant information that will help you navigate these difficult circumstances.

As such, we would like to outline details of the recently announced government support package for businesses, in response to the effects of the COVID-19 pandemic.

Statutory Sick Pay Relief

You will be able to reclaim up to 2 weeks SSP per eligible employee who has been off work due to COVID-19. This also applies to employees that have had to isolate and been unable to work, although have not been sick themselves. 

Applies to employers with < 250 employees (as of 28 Feb 2020).

No GP fit note is required (although you should keep your own records).

Eligible period for the scheme will commence the day after regulations (to extend SSP to those at home) comes into force.

The repayment mechanism for this expenditure will be in place over the coming month’s.

Support for businesses paying business rates

For businesses in retail, hospitality & leisure in England.

12 months business rates holiday for the 2020 to 2021 tax year.

Businesses that received the retail discount in the 2019 to 2020 tax year will be rebilled ASAP.

A £25,000 grant will be provided to retail, hospitality & leisure businesses operating from smaller premises with a rateable value between £15-£51k. 

All enquiries should be to your local authority. 

Support for businesses that pay little or no business rates

A one-off £10,000 grant for businesses currently eligible for SBRR or rural rate relief. 

Your local authority will contact you – you do not need to apply. 

Funding will be provided to local authorities by early April. Guidance will follow shortly.

Coronavirus Business Interruption Loan Scheme 

Delivered by British Business Bank.

Available week commencing 23rd March 2020.

Will support businesses to access bank lending and overdrafts.

The government will provide lenders with an 80% guarantee on each lender, subject to terms.

The scheme will support loans of up to £5 million.

First 6 months interest-free as the government will pay this.

Support for tax-paying businesses  

Call HMRC to be assessed for time to pay on outstanding liabilities on 0800 0159559

Insurance 

Businesses that have cover for pandemics and government-ordered closure should be covered.

The government and insurance industry confirmed on 17th March 2020 that advice to avoid pubs, theatres is enough to claim. 

Check the details of your policy ASAP.

Useful links 

British Business Bank https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/

UK Government  https://www.gov.uk/coronavirus

Lincoln City Council

https://www.lincoln.gov.uk/coronavirus 

HMRC https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

We hope that this information is of use to you. We will endeavour to keep you up to date with any new developments in relations to business support.