Advice for BUSINESSES

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CORONAVIRUS JOB RETENTION SCHEME

Most of you will have been using the CJRS since it was introduced in April to keep staff on during lockdown.

There have been a number of changes made to the scheme since its introduction and most importantly it is due to close on 31 October.

So, do if you haven’t already check out the latest guidance, updated on 1 July with answers to all your important questions, like:

What percentage of my employees’ wages will I have to pay?

Can I bring staff back part-time?

What’s the maximum I can claim for each employee?

For the answers to these and other important CJRS questions, check out the full guidance.

Business Loans

The Coronavirus Business Interruption Loan Scheme (CBILS) has been significantly expanded and amended since it was launched back in March. It is now open to more smaller businesses.

Insufficient security is no longer a condition to access the scheme.

You can access up to £5m in the form of, term loans, overdrafts, invoice finance or asset finance from one of more than 40 lenders overseen by British Business Bank

No personal guarantees are not required for loans under £250,000

The Government will cover the interest for the first 12 months of the loan

For more information about CBILS click here.

Business Rates

No hospitality business will have to pay business rates for 2020-2021 tax year.

Any hospitality business premises with a rateable value of £15,000 – £51,000 will receive a grant of £25,000.

These reliefs will be available from your local authority and they will have guidance by Friday 20 March.

If you pay less than £15,000 you are eligible for a one-off grant of £10,000. Your local authority will contact you directly about this.

You can use the business rates calculator to estimate the rates you will be not be paying

STATUTORY SICK PAY

All SMEs – those employers with fewer than 250 employees – can reclaim Statutory Sick Pay for sickness absence due to COVID-19 for two weeks.

You’ll need to keep records of the absences but won’t require a GP note. You can find more details here.

RENT & PROTECTION FROM EVICTION

The Government has extended the moratorium on lease forfeitures until the end of September.

The moratorium is now supported by a voluntary Code of Practice which encourages tenants to pay their rent in full, if they can, but states that landlords should support any tenants who are unable to do so.

Full details can be found here.

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