The World Health Organisation has declared the Coronavirus as a global pandemic due to the spread of the disease in multiple countries around the world at the same time. The Government have imposed travel restrictions, large scale quarantine and social distancing measures – the impact which the spread of this virus and its implications, is going to have on business across the UK and globally is relatively unknown.
Government Support for Businesses
To try and combat some of the issues which businesses are already facing, or may face in the future, the Government is releasing measures to be put in place to support businesses throughout this period of disruption caused by COVID-19.
An overview of some of the measures:
- A statutory sick pay relief package for SME’s
- A 12-month business rates holiday for all retail, hospitality and leisure businesses in England
- Small business grant funding of £10,000 for all businesses in receipt of small business rate relief or rural rate relief
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- The Coronavirus Business Interruption Loan Scheme offering loans of up to £5million for SME’s through the British Business Bank
- A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- The HMRC Time to Pay Scheme.
Although the Government are still finalising the details of some of these measures, you can find more a more in-depth overview and release dates for further updates at: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
HR Guidance and Support
For coronavirus articles, webinar recording and frequently asked questions visit our dedicated page, ‘Coronavirus Advice and Guidance for Employers’. HR Solutions are here to provide you with support and advice on any employment related issues; to find out more call us on 0844 324 5840 or contact us online.