The Government has been giving daily updates on the Coronavirus outbreak that focus on how to manage the outbreak from a health perspective.
In the background, they have been considering and announcing help that can be given to businesses to help them survive.
They are a range of measures ranging from help with wages for furloughed staff to grants and loans.
Here is a quick simple guide to what help Government is offering today
  • employee wages through the job retention scheme – 80% of the usual wages, up to £2500 per month, for 3 months starting 1st march 2020 for staff retained on furlough .  The 3 month period may be extended if needed.  You needed to have a payroll scheme before 28th February 2020 and have registered for PAYE online.
  • Statutory Sick Pay Rebate Scheme will repay employers the current rate of SSP for up to 2 weeks that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.  You need to have a payroll scheme before 28 February 2020 and have less than 250 employees
  • Business rates relief, that will be applied automatically by your local council, if your property is a
      • shop
      • restaurant, café, bar or pub
      • cinema or live music venue
      • assembly or leisure property – for example, a sports club, a gym or a spa
      • hospitality property – for example, a hotel, a guest house or self-catering accommodation
  • if you are a nursery  and are on Ofsted’s Early Years Register and provide care and education for children up to 5 years old, your local council will give business rates relief automatically
  • there is a grant of £10,000 to small businesses in properties that on 11 March 2020 they were eligible for small business rates relief
  • there is a similar grant of £10,000 or £25,000, available for those involved in the leisure, hospitality and retail sectors based on the rateable value of their property on 11 March 2020
  • support for the self employed where you can claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 a month.  this will be available for 3 months, but may be extended. there are a number of entry criteria including a profits limit of £50,000
  • there are loan schemes for small and large businesses
In addition to the above, there is help with ongoing PAYE, VAT and personal and corporate tax bills during this period
There are a range of sources of information but the Government site, that can be found here, will be updated with each change in the help being given.
It also contains links to making claims for help if it is needed.
Some businesses will be able to access more than one source of help while others will fall through the gaps.
In some instances the help available won’t be enough
At Harrisons Business Rescue, we can help identify the problems in your business and help with applications to Government plus any local sources of assistance
It may be that the help isn’t enough or isn’t easy to access such as the loan scheme managed though banks, or won’t come soon enough, at which point we can outline the options available to you and your business