Here’s how the UK Government is supporting businesses...

THE CORONAVIRUS JOB RETENTION SCHEME

This allows businesses across the UK to put employees on a period of temporary leave (furlough) and apply for a grant to cover 80% of those workers’ usual monthly wage costs, up to a cap of £2,500 a month. It’s been extended to the end of October and has already protected 7.5million workers and almost a million businesses. The UK Government has received claims for more than £10billion already.

SELF-EMPLOYMENT INCOME SUPPORT SCHEME (SEISS)

At the end of May, the Chancellor announced that the Self-Employment Income Support Scheme would be extended – with those eligible able to claim a second grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total. Around 95% of people who receive the majority of their income through self-employment could be eligible. If at least half of your income is from being self-employed and you’re earning under £50,000 in profits, you could be eligible. You can check with HMRC to see if you could benefit.

THE CORONAVIRUS STATUTORY SICK PAY REBATE SCHEME

This will repay employers the current rate of Statutory Sick Pay (SSP) that they pay to current or former employees for periods of sickness starting on or after March 13, 2020.

VAT DEFERRALS

The Government has given the option to defer VAT payments to UK VAT-registered firms, for payments due alongside VAT returns until the end of June. If you’re a UK VAT-registered business and have a

VAT payment due between March 20 and June 30, 2020, you have the option to either defer the payment, or pay the

VAT due as normal. HMRC will not charge interest or penalties on any amount deferred.

BOUNCE BACK LOANS

This scheme provides loans of up to £50,000 to small businesses, with a 100% UK Governmentbacked guarantee for lenders. These loans will be interest free for the first 12 months and businesses can apply online by using a short and simple form.

THE CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME

Available for loans or other forms of finance of up to £5m. The UK Government will pay interest and any fees for the first 12 months, and will provide the lender with an 80% guarantee to support the lending. It’s available UK-wide.

THE CORONAVIRUS LARGE BUSINESS INTERRUPTION LOAN SCHEME (CLBILS)

Large businesses with an annual turnover of more than £45million per year can apply for up to £25m of finance.

FUTURE FUND

The Future Fund will issue convertible loans of between £125,000 and £5m to innovative companies which are facing financing difficulties due to the coronavirus outbreak.

If your business needs to hire now, the UK Government can help you fill your vacancies quickly by helping to connect skilled and experienced people to your posts. Keep job descriptions as generic as possible to make sure you don’t miss out on great people with transferable skills. Visit https://employerhelp.dwp.gov.uk/ to find out more.