Coronavirus Updates

Coronavirus Updates

Our Coronavirus updates will guide you with business advice as well as the help available to businesses during this outbreak.

What has the Government just announced to help me?

A package of financial measures has been announced which includes £330bn in loans, £20bn in other aid, a business rates holiday, and grants for retailers and pubs.

Business rates and Cash Grants

  • The government has introduced a business rates holiday for retail, hospitality and leisure business in England for the 2020 to 2021 tax year.
  • The proposed £3,000 cash grant has been increased to £10,000 for 700,000 small businesses

Cashflow and Lending

  • SMEs will be supported via banks to underwrite loans of up to £5m. The first 6 months of that finance will be interest free.
  • Mortgage holidays of at least 3 months will be provided to those facing finance issues as a result of coronavirus.
  • Timing-wise, the Government promises this will be available from Monday 23 March 2020

What help for Coronavirus/COVID-19 will there be, and who can I talk to about it?

Talk to your bank about finance options.

  • The British Business Bank is setting up a Coronavirus Business Interruption Lending Scheme which will provide your lender with a government-backed 80% guarantee against the outstanding facility balance, which should enable a ‘no’ credit decision to become a ‘yes’.

Talk to your customers about payment

  • The Federation of Small Businesses has asked large businesses to pay any invoices owed to small businesses immediately upon receipt of the invoice. Morrisons supermarket has led the way by paying 3,000 suppliers instantly, regardless of payment period.

Talk to HMRC about more time to pay your tax

More updates will be posted on our news page as they are announced.

If you would like to find out more, please email us at hello@progressaccountants.com or leave a query on our page here.

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