Statutory Sick Pay is now due from the first day of sickness for Coronavirus related problems. You have to pay upfront but can claim up to two weeks for each employee from the Government. For more details check out our post on your employee’s needs during the crisis here.
Business Rate relief
All businesses registered as in the retail, hospitality and leisure sectors are going to get a business rate ‘holiday’ for the next 12 months.
If you are eligible for Small Business Rates Relief (your business has a rateable value of less than £15,000) you can claim a grant of up to £10,000 to cover running costs.
If your rateable value is above £15,000 but below £51,000, you can apply for grants of up to £25,000 to cover costs.
The Government has created a fund to guarantee up to 80% of loans given to Small and Medium Enterprises.
UPDATE 3rd April:
The Government has responded to problems faced by small businesses by changing the rules on these loans – which were supposed to be given to those who had been refused credit. For loans below £250,000 the chancellor has announced businesses will not have to provide a personal guarantee, making the process of getting them much simpler.