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COVID-19: support for businesses - updated 23 March 2020
On Friday the Chancellor of the Exchequer announced an unprecedented package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
Coronavirus Job Retention Scheme - all UK employers will be able to access support to continue paying part of their employees's salary for those employees that would otherwise have been laid off during the crisis. HMRC will reimburse 80% up to a cap of £2500 per month.
Business Interruption Load Scheme will be interest free for 12 months and launches today to support small and medium-sized businesses to access bank ending and overdrafts. The Government will provide lenders with a guarantee of 80% on each loan (subject to a lender cap on claims). Click here for further information
Deferring VAT payments for 3 months - business will have until the end of the financial year to repay bills.
Business rates: 12 months holiday for all retail, hospitality and leisure businesses in England.
Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief.
Grant funding of £25,000 for retail, hospitality and leisure businesses with property with the rateable value between £15,000 and £51,000
HMRC Time to Pay - You can contact the HMRC's dedicated Covid-19 helpline to get practical help and advice for firms and individuals who are in temporary financial distress as a result of Covid-19 and have outstanding tax liabilities.
If you are concerned about being able to pay your tax due to COVID-19, call HMRC's dedicated helpline on 0800 0159 559.
Guidance to employers and business about COVID-19
Business Support Helpline 0300 456 3565
FREE ACAS Webinar 'Coronavirus - an advisory webinar for employers'. Find out more
The Combined Authority are working closely with Government departments to work on the detail on how business can get the emergency funding announced by the Government.
Our proposals are already with the Chancellor and he is considering them.
We are determined to keep business up to speed with the key information they need in this fast evolving environment so keep an eye on our social media sites, website and this business bulletin in your in box.
The Combined Authority continue to collect ongoing real time business resilience data to capture the health of local business and are representing this voice back to Government to ensure that support for the Cambridgeshire and Peterborough economy has the maximum impact on the people who live and work here.
Read Mayor James Palmer's business blog here.
Tell us about the impact on your business