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COVID-19: the Coronavirus Job Retention Scheme and financial support available for small to medium businesses
The Government has introduced a number of support measures to help businesses deal with the disruption caused by COVID-19. This web page outlines the schemes of relevance to GGF Members, explains which businesses are eligible, and how they can apply. The schemes covered include:
- The Coronavirus Job Retention Scheme
- Statutory Sick Pay
- Deferring VAT payments
- Time to pay scheme
- Small business rate relief or rural rate relief in England
- Coronavirus Business Interruption Loan Scheme
- Business rates holiday
As a reference point, the Government has launched a new website which provides detailed information on all the business support measures made available to UK businesses and employees. We encourage businesses to regularly refer to this site for updates and additional guidance.
Coronavirus Job Retention Scheme
What is the support?
During the crisis, UK employers will be able to access Government support to pay 80% of their employees’ salary up to a cap of £2,500 per month, for employees that would otherwise have been laid off. It does not apply to employees who have already been dismissed or made redundant.
This scheme is intended to apply for three months, starting 1st March 2020, but can be extended if deemed necessary.
Who is entitled?
This support will be available for all UK businesses.
How do I apply?
Affected employees will need to be designated as ‘furloughed’ and notified of this change. Furloughing is a cost-saving measure that can be used by a business when it doesn’t want to lay off employees but lacks the resources to continue paying them at a full wage – this is likely to be a common occurrence during the COVID disruption.
Businesses will be required to submit information to HMRC about the employees that have been furloughed and their earnings, through a new online portal. Call HMRC’s dedicated helpline: 0800 0159 559. For further information.
HMRC are working to set up a system to process the reimbursement. The GGF is monitoring developments closely and will share this information with members when it is available. The expectation set by Government is for the first payments to be processed “within weeks” and certainly by the end of April 2020.
Statutory Sick Pay (SSP)
What is the support?
The Government has committed to reimbursing small and medium sized businesses for SSP for sickness absence related to COVID-19. This refund will cover up to two weeks’ SSP per eligible employee who are either ill or been told to self-isolate.
The eligible period for the scheme began on 13 March.
Who is entitled?
This support will be available to all businesses with fewer than 250 staff.
How do I apply?
The Government is working to design a system to facilitate employer refunds for SSP. Employers are asked to maintain records of staff absences and will be informed of the repayment mechanism when this has been finalised. Guidance on SSP including eligibility and process details are available here.
The GGF is following developments closely and will inform members when the mechanism has been implemented.
Deferring VAT payments
What is the support?
The Government will support businesses during the crisis by deferring payment of VAT for three months.
This scheme will be in place from 20 March 2020 until 30 June 2020.
Who is entitled?
This support will be available to all UK businesses.
How do I apply?
There is no requirement to apply for this support. Businesses will simply not be required to make VAT payments during this period.
Businesses will have until the end of the tax year 2020/21 to pay back liabilities incurred during this three-month period.
Time to pay scheme extended
What is the support?
HMRC have also scaled up their Time to Pay scheme for all businesses and individuals who are in financial difficulty as a result of Covid-19 and have outstanding tax liabilities. Under this scheme, arrangements can be agreed on a case by case basis depending on the individual circumstances of the individual’s/businesses’ financial situation and liabilities.
Who is entitled?
You are eligible if you/ your business: pays tax to the UK government and has outstanding tax liabilities
Call HMRC’s dedicated helpline: 0800 0159 559. For further information
Small business rate relief or rural rate relief in England
What is the support?
Small businesses may be eligible for a Government grant to help to cover fixed costs, such as rent, during the coming months.
Who is entitled?
If you have a property with a rateable value of less than £15,000 then you will be entitled to a grant of £10,000.
If you have a property with a rateable value of between £14,999 and £51,000 then you will be entitled to a cash grant of £25,000.
To find out the rateable value of your property, use this Government website.
How do I apply?
If you are an eligible business, your Local Authority will then be in touch in the coming weeks to provide details of how to claim this money.
Coronavirus Business Interruption Loan Scheme
What is the support?
The Government is providing SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years. It has also committed to covering interest payments and any lender-levied fees for the first 12 months, to lower initial repayments.
The scheme will be delivered through commercial lenders and will be backed by the government-owned British Business Bank.
Who is entitled?
All businesses that are UK based and have a turnover of no more than £45 million per year will be eligible for the scheme.
The borrowing proposal must be demonstrated to be viable for the lender, were it not for the current pandemic. Furthermore, it must be demonstrated that the provision of finance will enable the business to trade out of any short-to-medium term difficulty.
How do I apply?
The scheme is now open for applications. All major banks are offering this scheme.
To apply, you should talk to your bank or one of the 40 accredited finance providers (not the British Business Bank) as soon as possible. You can find out the latest on the best ways to contact them via their websites.
Business Rates Holiday
The GGF has written to Government to establish if construction companies in manufacturing / supply and/or installation can claim for the Business Rates Holiday. As soon as we receive a response from Government we will relay it to Members.
Citation Financial Advice Line
The GGF’s Business Support Partner Citation are available to help answer your questions and give you financial advice during these difficult times.
If you’re a Citation client and you’ve got questions about any of the financial measures listed above, you can call them on our advice line on 0345 844 4848.
If you’re not yet a client of Citation, you can give their team a call on 0345 844 1111 to chat through your business needs
Ongoing GGF Business Continuity Support
We understand that the fast-moving and ever-changing nature of the coronavirus measures are confusing and can cause Members a lot of worries. The Government has indicated that it will continue to roll out measures to support business and we will keep everyone updated as and when these developments are announced.
Please make sure you are receiving our daily e-alerts which will provide the latest information and Government advice for our sector.
If you are not receiving our daily emails please contact marketing@ggf.org.uk to be added to the distribution list.
