COVID-19 - Support for Businesses

COVID-19: Support for Businesses

During the Budget on 11 March 2020 and subsequent update on 17 March 2020, the following announcements were made:

East Hampshire Business Rates

East Hampshire District Council (EHDC) has already prepared the business rates bills for 2020/21 and sent out most rates bills on 13 March 2020, based on the previously announced levels of relief. Revised bills as a result of the budget changes will be sent out to the affected businesses in due course. 

Retail Discount

A business rates retail holiday will be introduced to all occupied retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.

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 business rates holiday will be published by 20 March.

Grants to Support Small Businesses

The government will provide additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR). This will provide a one-off grant of £10,000 to businesses currently eligible for SBRR or rural rate relief, to help meet their ongoing business costs.

Local authorities are currently awaiting further guidance regarding business rates and grants, and EHDC will provide updates as and when they become available via:

https://www.easthants.gov.uk/changes-business-rates-following-march-2020-budget

Statutory Sick Pay (SSP)

The government will bring forward legislation to allow small- and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. Eligibility criteria can be found here:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

HMRC Time to Pay Service

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.

If you are concerned about being able to pay your tax due to COVID-19, then call HMRC's dedicated helpline on 0800 0159 559.

https://www.gov.uk/difficulties-paying-hmrc

Coronavirus Business Interruption Loan Scheme

A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch in a matter of weeks to support businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the scheme will support loans of up to £1.2 million in value. This new guarantee will initially support up to £1 billion of lending on top of current support offered through the British Business Bank.

Businesses can access the first six months of that finance interest free, as the government will cover the first six months of interest payments.

https://www.british-business-bank.co.uk/

Support from Enterprise M3 LEP

The EM3 Growth Hub has a dedicated page to provide the latest government advice and you can also contact their Growth Hub advisers on 01483 478098.  Additional support and advice is available from the Business Support Helpline on 0300 456 3565.

Enterprise M3 - Coronavirus Guidance for Businesses & Employers

This information is accurate at 9am Wednesday 18 March 2020

Produced by East Hampshire District Council