Help for UK businesses affected by coronavirus

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.

4 Comments

  1. Robbin Wingerson Author April 1, 2020 (12:33 pm)

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    Reply to Robbin Wingerson
  2. Bobby Clutter Author March 28, 2020 (4:11 am)

    I really like how you wrote about Help for UK businesses affected by a coronavirus.
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    Reply to Bobby Clutter
  3. Randy McSwain Author March 17, 2020 (8:26 pm)

    Thank you https://conciseaccountancy.com for informing us!The world is having a hard time with this pandemic.
    Good health to all!

    Reply to Randy McSwain
  4. Lynne Sedgwick Author March 17, 2020 (12:27 pm)

    Is there any support for self-employed individuals who are losing income through coronavirus, there are links for small and medium businesses but not self-employed individuals.

    Reply to Lynne Sedgwick

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