New measures to help businesses

On Friday (20 March) the Chancellor Rishi Sunak announced further measures to support people, jobs and businesses.
This included:

Coronavirus Job Retention Scheme.

  • Any employer in the country – small or large, charitable or non-profit – will be eligible for the scheme.
  • Government grants will cover 80% of the salary of retained workers up to a total of £2,500 a month.
  • Employers will be able to contact HMRC to access the grant to cover most of the wages of people who are not working but are furloughed and kept on payroll, rather than being laid off.
  • That means workers in any part of the UK can retain their job, even if their employer cannot afford to pay them, and be paid at least 80% of their salary.
  • The Coronavirus Job Retention Scheme will cover the cost of wages backdated to March 1st and will be open initially for at least three months.

Coronavirus Business Interruption Loan Scheme

  • CBILS is a new scheme that can provide facilities of up to £5m for smaller businesses who are experiencing lost or deferred revenues, leading to disruptions to their cashflow.
  • The scheme will now be interest free for twelve months.
  • Launching Monday 23rd March.

 

Deferring the next quarter of VAT payments

  • That means no business will pay any from now until the end of June; and you will have until the end of the financial year to repay those bills.

 

Abolishing Business Rates

  • The government is abolishing business rates altogether this year if you are in hospitality, retail and leisure.

 

The Retail and Hospitality Grant Scheme

  • The government will be providing cash grants of £25,000 for small business properties.
  • Provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.
  • For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000.
  • For businesses in these sectors with a rateable value of between £15,001 and £51,000, they will receive a grant of £25,000.
  • You do not need to do anything. Lambeth Council will write to you if you are eligible for this grant.

 

For more information on help available for businesses please read the government guidance for businesses.

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