The Government has made available a package of £330bn government-back loans and guarantees to businesses.
NEW! Bank of England lending facility for larger businesses delivered by British Business Bank available now:
Coronavirus Business Interruption Loan Scheme (CBIS): A new scheme delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees.
Also see, Who to contact if your business has outstanding financial commitments (Small Businesses)
2. BUSINESS RATES
Business Rates Relief: Pubs will receive an additional £5000 business rates relief, where rateable value is below £100,000.
Business Rate Discount: A temporary increase of the business rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value. The discount will also be extended to cover all the hospitality and leisure sector (not just those up to £51,000) as well as estate agents, letting agencies and bingo halls. More info on business rates exemptions
CAMDEN COUNCIL, Business Rates bills for 2020/21 have already been sent, but any eligible businesses will be re-billed once details of the new discounts and grants are confirmed. Any payments made in the meantime will be off-set against the reduced liability. The Council will communicate shortly with eligible businesses and will continue to review what assistance they can provide to business during this difficult period.
3. FILING COMPANY ACCOUNTS
Businesses are eligible to apply for a three month extension on filing accounts, whilst managing COVID-19. If you do not apply for an extension and your accounts are filed late, an automatic penalty will be imposed. How to apply for the extension
Statutory Sick Pay will be available from day 1 rather than day 4 and for businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full. The weekly allowance for SSP will increase from £94.25 to £95.85 on 6 April.
4. WORKING FROM HOME
Working from home: Employers should also facilitate home working where possible and come to sensible compromises with employees where this is not possible.
Working from home set up: Should your business need help with setting up home working facilities, connectivity, etc, The Fitzrovia Partnership’s preferred IT supplier, GMA will be able to help. Please email firstname.lastname@example.org