Over the past few weeks, the government has announced various support packages for businesses and self-employed people, but it’s still unclear to some what they’re eligible for.
The government has now launched a new ‘support finder’ tool. This tool will help you quickly and easily determine what financial support is available to you. The tool asks you to fill out a simple online questionnaire and you will be provided with a list of all the financial support you may be eligible for.
The tool doesn’t appear to pick up the Economic Resilience Fund for Welsh businesses. To find out more about this support, view our ‘Economic Resilience Fund: Further Support for Businesses in Wales’ blog here.
You can access the business support finder tool here.
To support business, workers and the self-employed during the coronavirus outbreak, government has:
- made up to £330 billion of loans and guarantees for businesses
- offered to pay 80 per cent of the wages of furloughed workers, up to £2,500
- deferred the next quarter of VAT payments for firms, until the end of June
- introduced £20 billion in tax relief and cash grants to help businesses with cash flow
- introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses to make it easier to access vital financial support
- offered to cover the cost of statutory sick pay
- entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily;
- introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month
- deferred Self-Assessment payments due in July 2020 until 31 January 2021
- allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
- suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic; and
- offered a 3-month extension for filing accounts to businesses hit by coronavirus.
View full details of all the support available in our business guide to the coronavirus.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.