The Chancellor of the Exchequer has announced a package of measures to support businesses through this period, in close co-ordination with the Bank of England.
The Bank of England has temporarily reduced the Bank Rate to 0.25 per cent. It has taken further measures to help ensure that this rate reduction will translate through to the real economy and that capital will be available for new lending. As the virus progresses, and it's impact understood, further updates will be provided.
You can view all the measures to help businesses through this time by clicking HERE.
Statutory Sick Pay for businesses with fewer than 250 employees
In the Budget, the Chancellor announced that legislation will be brought forward to allow businesses with fewer than 250 employees to reclaim up to 14 days’ Statutory Sick Pay paid for sickness absence due to COVID-19.
Coronavirus Job Retention Scheme
If you cannot maintain your current workforce because your operations have been severely affected by coronavirus (COVID-19), you can furlough employees and apply for a grant that covers 80% of their usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage.
Find out more HERE
The Business Rates retail discount will be raised to 100 per cent for one year and expanded to the leisure and hospitality sectors, with a £5,000 rates discount introduced for pubs in England with a rateable value below £100,000. Taken together with existing Small Business Rates Relief an estimated 900,000 properties, or 45 per cent of all properties in England, will receive 100 per cent business rates relief in 2020/21.
To support around 700,000 businesses currently eligible for Small Business Rate Relief, local authorities in England will receive a total of £2.2 billion to provide a £3,000 grant to help meet their ongoing business costs.
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch on 1 April to support businesses to access bank lending and overdrafts. Click HERE for more information.
Information from the Department for International Trade is HERE.
Businesses and self-employed people in financial distress may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. The agency has also set up a phone helpline which you can reach at 0800 0159 559.
Read more about Government support for business
Northumberland County Council
the Northumberland County Council Business hub is live and contains a huge package of support measures for businesses including loans and grants. Click HERE.
You can see where confirmed cases are in the UK on the Government's live tracker HERE