Government support available in the wake of Covid-19
As the Coronavirus pandemic forces the UK population to stay at home, companies and employees alike are left with uncertainty regarding cash, debt and staff.
In the past two weeks, the Government has set out a wide-ranging package of measures to support businesses through this period of disruption, further details of which are summarised below. These measures now include:
- Government-backed financing schemes to support short and medium term liquidity
- a job retention scheme for workers paid via PAYE
- an income support scheme for self-employed workers
- a statutory sick-pay rebate scheme
- business support grants for SMEs, with enhanced grants for leisure and retail businesses
- business rates relief
- deferred VAT and income-tax payments
The Government is regularly reviewing the measures it has announced and in particular has recently made changes to the eligibility criteria for its SME loan scheme. While the information in this report reflects our understanding of the measures as at the 8 April 2020, it is important that businesses take professional advice before accessing the support outlined below.
If you have any questions around any of the measures mentioned in this report, please contact Michael Hall at firstname.lastname@example.org or any member of the Keebles team.