Covid 19 - The Budget and Your Business
Updated: Mar 23, 2020
The chancellor announced several measures during his first budget yesterday - aimed at alleviating some of the financial strain that the current Corona Virus outbreak is having on us all.
For small business ( <250 employees) the government will fully fund statutory sick pay (SSP - £94.25 per week) for any employee requiring self-isolation for up to 14 days.
SSP will be available from day 1 (instead of day 4) - a note from the doctor will not be required, but a fit note available from 111 suggesting self isolation is needed.
The mechanism for this refund is currently not available - but is being worked on......
For the self employed, or those not qualifying for SSP, there will be a relaxation of the rules for universal credit/contributory employment allowance - meaning they can claim £73.10 per week from day 1 (rather than day 8). Again the need for a
fit note for self isolation by 111 is needed - and requirement to physically attend the job centre has been relaxed.
Support for Tax Payments
For those businesses or self employed people who are experiencing financial difficulty due to the impact of Covid-19 in paying taxes on time, there is a helpline to call - each case is assessed individually but extra time to pay could be negotiated - 0800 0159 559.
Some banks are offering breaks on loan and mortgage repayments - and extra funding to help businesses access temporary loans to get through the next few months is being set aside.
Businesses currently benefiting from small business rate relief could also be eligible for grants of £10,000 from local authorities - this will automatically be paid through local councils. Business currently paying rates have also been granted a holiday for 12 months.