Advice for Businesses:
Information from BEIS and Public Health England on how to keep their employees safe during the crisis is available here: Keeping Employees Safe
The Government has created a website which provides details of the various support packages that have recently been launched for businesses and their employees which is available here: Business Support Website.
Details of some of the most significant measures are listed below:
- Coronavirus Business Interruption Loan Scheme information. The scheme will help SMEs access loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to six years. The scheme will be operated through accredited lenders via the British Business Bank. British Business Bank Eligibility information
- Corporate Financing Facility information. The Bank of England will buy short-term debt from larger companies.
- Coronavirus Job Retention Scheme information. Any UK employer with a PAYE scheme will be able to access support to continue paying part of their employees’ salary (80% of wages) for those that would otherwise have been laid off during the crisis. The Government has confirmed that this scheme will remain open until the end of October.
- Coronavirus Future Fund information. The Government will match the funds raised from third party investment from £125,000 - £5 million through a convertible debt model. This scheme is being operated through the British Business Bank and will run from 20th May until September 2020, with scope for extension if there is sufficient demand.
- Innovate UK support package information. Up to £90 million is available in continuity grants to businesses who are existing Innovate UK award holders whose projects are at risk because of COVID-19.
- Bounce Back Loan Scheme information. This scheme allows SMEs to borrow between £2,000 - £50,000 from Government, and businesses are eligible if they are UK based, established before 1st March 2020 and impacted by COVID-19. The Government guarantees 100% of the loan and there will be no fees or interest for first 12 months. After 12 months the interest rate is 2.5% a year. The length of the loan is six years. Your business needs to comply with the Business in Difficulty criteria set out in EU State Aid rules to be eligible for this scheme.
- Working Safely during COVID-19 information. This guidance outlines Government recommendations for employers to make their workspaces compliant and safe for employees to return to work.
- Small Business Grant Funding information. Additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. A one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
- Time to Pay information – Opportunities available to businesses and self-employed people who are in financial distress with outstanding tax liabilities and maybe eligible for support.
- VAT deferral information – Supporting businesses to defer VAT payments for 3 months.
- Statutory Sick Pay Rebate information – Enabling SMEs to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus, covering up to 2 weeks’ SSP per eligible employee who has been off work due to coronavirus.
- Deferral of Self-Assessment information – Payments that should ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until January 202
- Support for Businesses outside of Government information.
- Wider business support information.
Advice for Employees:
- Statutory Sick Pay Information.
- Universal Credit Information.
- Employment and Support Allowance Information.
- Lay-offs and short time working Information.
- Problems in paying tax bills information.
Information from Insurtech UK's Partners:
Guidance from Browne Jacobson can be found here.
Guidance from Clifford Chance can be found here.
Guidance from Capital Law can be found here.
Guidance from PKF can be found here.
Guidance from Grant Thornton can be found here.
Guidance from Altus Consulting can be found here.