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Coronavirus - UK Government Support to Businesses

We are in difficult times and hope you and your family are coping with the restraints being imposed. Our office is open for business and we will deal with any queries by telephone/email until the restrictions are removed.

Coronavirus - UK Government Support to Businesses
The Chancellor announced on 17th March 2020 a package of measures to provide support for businesses to ensure the impact of COVID-19 is minimised.

In the next few days we will provide full details of these support measures and how to claim or apply for them. However, we understand that timing is crucial for many businesses, and we want our clients to be fully prepared and be in a position to take advantage of whatever financial support they are entitled to at the earliest opportunity.
It is therefore important to highlight two specific elements of the government’s support measures.

Business Interruption Loan Scheme
A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses to apply for a loan of up to £5 million with no fees and a 6-month interest free period.

Business Grants
There will be a £10,000 cash grant available to small businesses, which will be delivered by local authorities.
A £25,000 grant will also be available to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000. Without knowing the full details yet regarding the application processes for a Business Interruption Loan or a Business Grant (this information will be available in the next few days), it is reasonable to assume that a set of relatively current business accounts and some basic financial projections will be pre-requisites for any business applying for a loan or grant under these schemes.
Therefore if you are considering applying for this financial support please ensure that your accounting records are as up to date as possible, and that you are able to provide a basic set of accounts and financial projections.
If you need any advice or support in producing these accounts or financial projections please contact us and we will assist in whatever way we can to help you get the financial support you need for your business at this extremely difficult time. If you have any concerns about not being able to pay outstanding or looming tax liabilities, then HMRC have set up a dedicated helpline for businesses and self-employed individuals to receive support with their tax affairs. By contacting the dedicated helpline on 0800 0159 559 you may be able to agree a bespoke Time to Pay arrangement with HMRC. There is also statutory sick pay relief available for certain employers with employees suffering from coronavirus.

Please do not hesitate to contact us if you have any queries or wish to discuss any matters.

Kind regards

Caroline Bond

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