Added on: 18th March, 2020 by O1
Below are some of the key points from the government's package of temporary measures to support businesses through the period of disruption caused by COVID-19.
In the budget, the Chancellor announced measures including:
• SMEs can ask for time to pay tax bills.
• retail, leisure and hospitality businesses with a rateable value (RV) of less than £51,000 will pay no business rates in 2020/21 if they apply.
• pubs with an RV of less than £100,000 receive a £5,000 reduction on business rates if they apply.
• new small business grants are available.
• a new Coronavirus Business Interruption Scheme may guarantee some business loans up to 80%
• sick pay can be claimed from Day 1.
Yesterday, the Chancellor announced further measures including:
• a business support package of £330bn.
• small businesses in the retail, hospitality and leisure sectors (less than RV of £51,000) can apply for interruption insurance cover of up to £25,000.
• a 3-month ‘mortgage holiday’ for borrowers, as required.
• the pre-announced business rates exemption is matched by government backed loans with interest free periods.
• all retail, hospitality and leisure operators will not pay business rates for the year 2020/21.
• small hospitality, retail and leisure operators may be eligible for cash grants of up to £25,000.
The London Borough of Bromley are currently awaiting government guidance on the relief which is expected to be published on 20th March.
• In early April the government will provide additional funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR). This will provide a one-off grant of £10,000 to businesses currently eligible for SBRR to help meet their ongoing business costs.
If your business is eligible for SBRR you will be contacted by the London Borough of Bromley.
Orpington 1st will share further details on these measures as they are released.