“Coronavirus Job Retention Scheme”
- HMRC grant available to cover 80% of wages for retained workers up to £2,500 per month per employee
- The scheme will be back dated to 1st
March 2020 and available for 3 months, to be extended over a longer period, if necessary - The grant is available to ALL companies, large or small, charitable or not for profit
- There is no limit to the amount of funding available
Improvements to “Business Interruption Loan Scheme”
- The interest free period has been increased from 6 months to 12 months
- Confirmed that this will be available from Monday 23rd March 2020
- Further measures for larger and medium sized businesses likely
Support through the tax system
- Next quarter’s VAT payments are deferred until the end of June
Self-employed
- The next self-assessment tax payment has been deferred to January 2021
- The Chancellor is raising the payment limits for Universal Credit so that the self-employed receive the same amount as someone on statutory sick pay (£94.25 per week)
We will continue to update you as more details are released.