COVID-19 update (updated 22 March)
“The Chancellor has announced the Coronavirus Job Retention Scheme, which will be accessible for all businesses, charities & not for profit organisation. The details of the scheme includes:
- The government will pay up to 80% of furlough workers’ salary (up to £2,500 per month)
- This is a grant and the first grants will be paid within weeks; it should all be up and running before the end of April
- The pay will be backdated to 1 March 2020
- The scheme will initially run for a maximum of 3 months and employees cannot work during that period.
Coronavirus Business Interruption Scheme
- The loans will now be interest free for 12 months, not the previously indicated 6 months.
VAT payments for Q1 (to 30/6/20) will be deferred
- Payments between now and the end of June will be deferred
- Businesses will have until April 2021 to pay their Q1 liability
- This is a £30bn package.
- The Chancellor also announced the Universal Credit standard allowance would be increased by 12% over the next 12 months
- The minimum income floor for Universal Credit will be suspended
- Self-assessment payments are deferred until January 2021
- •The Chancellor also announced a £1bn support package for renters to cover around 30% of market rents.”
Associated Announcement from Chancellor of the Exchequer
This week Rishi Sunak, the Chancellor of the Exchequer, also announced further measures to support businesses, including increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme, mortgage support schemes and information about insurance.
More details of this announcement can be found at https://www.gov.uk/government/news/chancellor-announces-additional-support-to-protect-businesses (please note that the non-domestic rates support in this announcement does not apply to Scotland).
Scottish Government Business Support Contacts
The Scottish Government has set up a business helpline to provide businesses across Scotland with advice and guidance on COVID-19. This helpline – 0300 303 0660 – is open Monday to Friday, between 8.30am to 5.30pm.
There is also a separate HMRC helpline on tax issues at 0800 015 9559.
Information on Rates Relief and Grants can be found:
Scottish Government Support for Welfare and Wellbeing
As there are strong ties between businesses and communities in this city, you may also be interested in the Scottish Government’s £350 million fund to support welfare and wellbeing, details of which can be found at https://www.gov.scot/news/helping-communities-affected-by-covid-19/.
The best way for business to find the information they need in relation to Covid-19 (24/7) https://findbusinesssupport.gov.scot website is the best way for business to find the information they need in relation to Covid-19 (24/7).
The Association of British Insurers have issued a statement on business insurance cover here and have a COVID-19 Q&A here which includes business insurance, trade credit, income protection and pensions and investments. https://www.abi.org.uk/products-and-issues/topics-and-issues/coronavirus-qa/#a