The government will help UK businesses affected by the coronavirus COVID-19. The Department for Business, Energy and Industrial Strategy (BEIS) published its budget on 13 March 2020 (Friday) and allocated a £12 billion package for this purpose. This is great news to UK small and medium-sized companies. Additionally, there is also help for self-employed individuals.
The support to UK businesses affected by coronavirus would be in the following ways.
Coronavirus Business Interruption Loan scheme
You can apply for a loan up to £1.2 million with the British Business Bank to finance your business operations.
Grants to help UK businesses affected by Coronavirus
The government will provide local authorities with up to £2.2 billion to help small businesses in the UK. The amount would be around £3000 to help around 700,000 small businesses.
Refund of 14 days statutory sick pay for self-isolating staff to businesses
If your business has less than 250 employees and you have employees off work for self-isolating, your business could claim a statutory sick pay refund for the employee. Every little help during this outbreak.
100% discount on business rates
Restaurants, bars, shops and pubs would receive a 100% discount on business rates with a rateable value below £51,000.
Companies House web filing service
During this coronavirus outbreak, companies and limited liabilities partnerships (LLPs)can use the Companies House web filing service to deliver company accounts and confirmation statement online. For this, you would require your company’s or LLP’s authentication code to file online. It is fast and easy.