The government has said they will fund the costs of Statutory Sick Pay (SSP) for employers with workforces of 250 people or fewer for up to 14 days.
You can also apply to HMRC for a grant to cover up to 80 percent of your employees’ salaries, up to £2,500 a month.
The government has announced grants and business rates support for small and medium sized business.
Banks will also be offering loans to small and medium sized businesses under the governments Coronavirus Business Interruption Loan scheme.
Small businesses can access loans of between £2,000 and £50,000 through the Bounce Back Loan Scheme. These are interest free for 12 months and no repayments will be due during this time.
If you have taken out a Bounce Back Loan you now have more options for repaying it under the Pay as You Grow scheme. You can apply to:
- extend the length of the loan term from six to ten years, which could cut monthly repayments by nearly half
- make interest-only payments for up to six months
If you’re registered for VAT, the government announced VAT payments due between 20 March 2020 and the end of June 2020 were deferred until March 2021.
If you will struggle to pay in full, you can spread repayments over 11 smaller payments with no interest charged over the 2021/22 tax year.
Restart Grants of up to £18,000 will be made available to businesses in the hospitality, personal care and leisure industry in England.
The Recovery Loan Scheme will offer loans of between £25,000 and £10 million to help businesses across the UK.