So far as we see it – We are presented with three immediate options from Her Majesty’s Governments response to the coronavirus pandemic.

£3,000 Coronavirus Grant for small Business

The Government has announced at last weeks budget a grant worth up to £3,000 via the Business rates system. So far, we know little information of the full eligibility criteria. But the Government website states that it will be a one-off grant of £3,000 to business currently eligible for Small business rate relief or Rural Rate Relief, to help meet their ongoing business costs. We will update you as soon as we know more information about how Businesses can access this grant.

Updated on the 21st March 2020 – This Grant has been raised to £10,000 – Find more information published on our new article.

Coronavirus Business Interruption Loan

To help combat the strain on companies, the Government has developed a scheme, delivered by the British Business Bank, that will enable businesses to apply for a loan of up to £1.2 Million with the Government covering up to 80% of any losses with no fees. Currently, the Government has not published any information on how to access such aid however they have stated that they will be releasing these details within the coming week.

Updated on the 21st March 2020 – The loan ceiling has been raised of up to £5 million and the Government has confirmed that the first 12 months will be interest free.

HMRC Time to pay arrangements

A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.

VAT payments deferral applies from 20 March 2020 to 30 June 2020 and Income tax payments are deferred until 31st January 2021.

If you are working for yourself and struggling with your reduced income

Universal Credit is a payment to help with your living costs. It’s paid monthly for those in England.

You may be able to get it if you’re on a low income or out of work.

See further information at:

https://www.gov.uk/universal-credit

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