18 Mar 2020This week has seen several important announcements from the government in response to the coronavirus outbreak. On 17 March, the Chancellor announced £350bn worth of financial packages to help businesses during this uncertain time. Below is a summary of the support that is to be made available. Should you have any questions about what is available to you, please contact your Client Manager who will be happy to help. Call 0808 1644 222 or email accountants@hjssolutions.co.uk Support for businesses who are paying sick pay to employees Reclaim SSP paid for sickness absence due to Covid-19. Up to 2 weeks SSP per eligible employee for employers with less than 250 employees. The government will work with employers over the coming months to set up repayment mechanism for employers as soon as possible. Support for businesses who pay business rates Increase of business rates holiday for retail, hospitality and leisure business for 2020/2021 tax year. Businesses which received the retail discount in the 2019/2020 tax year will be rebilled by their local authority. A £25,000 grant will be provided to retail, hospitality and leisure businesses operating from smaller premises with a rateable value between £15,000 and £51,000. Guidance for local authorities on the application of the expanded retail discount will be published by 20 March. Support for businesses who pay little or no business rate One-off grant of £10,000 to any business currently eligible for small business rate relief. If eligible for this or rural rate relief, you will be contacted by your local authority. Funding will be provided to local authorities in early April. Guidance for local authorities will be provided shortly. Coronavirus Business Interruption Loan scheme A temporary coronavirus business interruption loan scheme, delivered by the British Business Bank will launch in a matter of week to support businesses to access bank lending and overdrafts. Government will provide lenders with an 80% guarantee on loans up to £5 million. The first 6 months interest will be covered by the government. Support for businesses paying tax All business and self-employed people in financial distress may be eligible for support with outstanding liabilities. HMRC Time To Pay service Dedicated helpline 0800 015 9559