Coronavirus update from BSA.
We Have received a helpful guide for small business and clients alike from The British sandwich association...
- A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41m to apply for a loan of up to £1.2m, with the Government covering up to 80% of any losses with no fees. This will unlock up to £1 billion pounds to protect and support small businesses.
- 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. This will provide 2 million businesses with up to £2bn to cover the costs of large-scale sick leave.
- A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities to receive support with their tax affairs. Through this, businesses may be able to agree abespoke Time to Pay arrangement.
- There will be a £3,000 cash grant to 700,000 of our smallest businesses, delivered by Local Authorities, and worth a total of £2bn.
- Finally, the Government is temporarily increasing the Business Rates retail discount in England to 100% for 2020-21 for properties below £51,000 rateable value. Nearly half of all business properties will not pay a penny of business rates.
- The impacts across supply, demand and labour markets
- Actions being taken by firms to address these impacts
- Any gaps in the Government response from your perspective
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The Scottish Government has announced a ban mass gatherings of over 500 people to free up emergency staff but there are currently no similar plans in the rest of the UK.
A new helpline has been launched to supply Scottish businesses with tailored advice on coronavirus.
Call handlers will answer questions from businesses related to Covid-19 as well as relaying the challenges faced by businesses to the Scottish government.
The helpline number is 0300 303 0660.