The government has launched a new online tool to help businesses and the self-employed determine what financial support is available to them during the coronavirus outbreak. The tool requires completion of a simple online questionnaire, which will direct users to a list of the financial support for which they may qualify. Measures announced so far include:
The Bank of England’s Covid corporate financing facility;
the coronavirus business interruption loan schemes for both SMEs and larger businesses;
the coronavirus job retention scheme (CJRS) offering grants to cover 80% of the wages of furloughed workers, up to £2,500;
the self-employment income support scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month;
deferral of self-assessment payments due in July 2020 until 31 January 2021;
deferral of the next quarter of VAT payments for firms, until the end of June;
covering the cost of statutory sick pay; and
temporary removal of business rates for all eligible properties in the retail, hospitality and leisure sector.
The government has launched a new online tool to help businesses and the self-employed determine what financial support is available to them during the coronavirus outbreak. The tool requires completion of a simple online questionnaire, which will direct users to a list of the financial support for which they may qualify. Measures announced so far include:
The Bank of England’s Covid corporate financing facility;
the coronavirus business interruption loan schemes for both SMEs and larger businesses;
the coronavirus job retention scheme (CJRS) offering grants to cover 80% of the wages of furloughed workers, up to £2,500;
the self-employment income support scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month;
deferral of self-assessment payments due in July 2020 until 31 January 2021;
deferral of the next quarter of VAT payments for firms, until the end of June;
covering the cost of statutory sick pay; and
temporary removal of business rates for all eligible properties in the retail, hospitality and leisure sector.
