Burton Small Business looks at the current COVID-19 crisis and what support is available for small businesses.
The Chancellor of the Exchequer Rishi Sunak has announced a number of measures the Government has put in place to support businesses during this difficult time.
With the rapidly changing nature of the COVID-19 outbreak, information and advice from Government can change quickly. For all the latest Government information, and the measures the Government are taking, please visit the Government website .
However, here is a breakdown of some of the measures that have recently been announced and will offer support for small businesses.
- Suspension of the minimum income floor for the self-employed: self-employed people can now access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees
- Taxes – next self-assessment payments deferred to January 2021 for the self employed
- The introduction of a new job retention scheme which will cover up to 80% of wage costs (details to be confirmed) backdated to March 1 for a period of three months or longer, if needed, for small businesses, charities and not for profit organisations. Grants due to be available to businesses within weeks.
- Business loans which will be interest free for 12 months
- Deferring the next quarter of VAT through to the end of June
- Universal Credit – standard allowance to rise over the next 12 months
Anyone looking for more information can also visit the Federation of Small Businesses (FSB) website which is running regular updates on the support available for small businesses, employees and the self-employed.