Corona Virus Support Packages

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    Margaret AdjayeMargaret Adjaye

    Coronavirus Job Retention (Furlough) Scheme where small and large employers will be eligible to apply for a government grant of 80% of workers’ salaries up to £2,500 a month. The scheme will be backdated to March 19 and available for at least three months, with the first grants to be paid within weeks.

    Self-Employed Income Support Scheme to help eligible freelance workers receive up to £2,500 per month in grants for at least three months.Those eligible will receive a cash grant worth 80% of their average monthly trading profit over the three years up to 2018/19.

    Deferral of the next quarter of VAT payments for firms, until the end of June – representing a £30bn injection into the economy.

    £330bn worth of government backed and guaranteed loans to support businesses. The Chancellor has extended the Coronavirus Business Interruption Loan Scheme so that all viable small and large businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.

    Grant schemes – Businesses in the retail, hospitality and leisure sectors will be eligible for a £25,000 cash grant per property, for each property that has a rateable value between £15,000 and £51,000. These businesses will also have a business rates holiday for the 2020/21 tax year.

    Universal Credit (UC) – The changes to UC makes it quicker and easier to access support, as well as more generous. The changes include a £20 per week increase to the Universal Credit standard allowance and Working Tax Credit basic element, a relaxation of the UC minimum income floor for all self-employed UC claimants. The relaxation of the minimum income floor means that if self-employed workers earnings have significantly reduced, their UC award will increase to reflect their lower earnings.

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