COVID-19: Economic Update

Published 19 March 2020

​These are the key initiatives that have been announced to help businesses cope with the impact of COVID-19:

Coronavirus Business Interruption Loan Scheme

This scheme will support primarily small and medium sized businesses to access loans of up to £5 million. The government will provide lenders with a guarantee of 80% on each of these loans.

The first 6 months of the loan will be interest free for businesses as the Government will cover the interest payments for the first 6 months.

The scheme will be available next week, we will keep you informed as more details are released.

SSP Rebate

Eligible small and medium-sized businesses and employers will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible. 

The eligibility criteria for the scheme is as follows:
​
​- The refund will cover up to 2 weeks SSP per employee who has been absent because of COVID-19.
- Employers with less than 250 employees as of 28 February 2020 will be eligible.
- Employers should maintain records of staff absences but employees are not required to provide a GP fit note.

Business Rates Relief

Businesses that pay business rates

A business rates retail holiday for retail, hospitality and leisure businesses in England for the 2020/21 tax year will be introduced.

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

Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority.

Small businesses paying little or no business rates

The government will be providing additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR).

This will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief, to help meet their ongoing business costs.

You do not need to apply - you will be contacted by your local authority if you are eligible.

HMRC's Time To Pay Service

The self-employed and businesses with outstanding tax liabilities may be eligible to receive support with their tax affairs through this service.

There is now a dedicated helpline for you to call if you are concerned about being able to pay your tax due to
COVID-19. 
The number is 0800 0159 559.

Please don't hesitate to contact us if you have any queries.