These are unprecedented times and we are all striving to cope with the uncertainties we currently face. We would like to you reassure you that Beever and Struthers are taking all possible steps to ensure we can continue to help and advise you over the weeks and months ahead.

Many of you will have seen within the government announcement (as part of their daily media briefings) a series of measures to support businesses and mortgage borrowers to try and mitigate the impact of Coronavirus on the economy, businesses and jobs. This includes:

• More government loans: there are two schemes available, one for large firms operated through the Bank of England and the second as an extension to the Business Interruption Loan Scheme which will be operated by the British Business Bank. The maximum loan for small businesses has been increased from £1.2 million to £5 million. Furthermore, these loans now come with six months interest free. Note: although the Chancellor announced the schemes would be in place from next week in reality the process of defining and agreeing the scheme’s details, specifications and eligibility is still underway and therefore information is subject to change. You may find the following to the British Business Bank website useful: https://www.british-business-bank.co.uk/ourpartners/supporting-business-loans-enterprise-finance-guarantee.
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• Support for businesses paying tax: All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Speak to your usual contact at Beever and Struthers if you want advice in this regard.
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• Support for businesses who are paying sick pay to employees: HMRC is bringing forward legislation to allow small and medium sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.  Eligibility is as follows: 

- 2 weeks SSP per eligible employee who has been off work because of COVID-19; 

- employ less than 250 employees (as at 28th February 2020); and

- employers should maintain records of staff absences and payments of SSP but employees will

  not need to provide a GP fit note.

Speak to your usual contact at Beever and Struthers or the payroll department if you want further advice in this regard.

• Support for the hospitality sector: The 12-month business rates holiday has been extended to all hospitality businesses and the Chancellor has made grants of up to £25,000 available for those small businesses with a rateable value of less than £51,000.
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• Support for businesses that pay business rates: Proposals had already been announced for a business rates retail holiday for certain retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year.

The one year business rates holiday has been extended to all retailers as part of the government’s updated economic support for UK businesses and amid the coronavirus crisis. When the Chancellor first revealed the one-year business rates holiday in the Budget last week, it only applied to commercial premises with a rateable value under £51,000. This meant only small and independent retailers benefited, and not the larger chains. This has now been extended to all retailers starting in the next government financial year. Any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority. Guidance for local authorities on the business rates holiday is due to be published by 20 March.

• Increased cash grants for small businesses: The cash grants announced in the budget for small businesses who qualify for small business rate relief will also be increased from £3,000 to £10,000.
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• Mortgage payment holidays: Those borrowers impacted by Coronavirus who find they cannot make their mortgage payments will be allowed a payment holiday of three months. Anyone who is concerned about paying their mortgage or any other form of borrowing should contact their lender as soon as possible to discuss their options.

More general advice for business is also available on the government website. 

 https://us9.campaign-archive.com/?e=&u=c8316061b7aefe199dd299bdc&id=c6a824d4e7