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COVID-1 Outcome of today's briefing: “a combination of unprecedented measures to protect jobs, self-employed and improved support to the unemployed”

“Coronavirus Job Retention Scheme”

  • HMRC grant available to cover 80% of wages for retained workers up to £2,500 per month per employee
  • The scheme will be back dated to 1st March 2020 and available for 3 months, to be extended over a longer period, if necessary
  • The grant is available to ALL companies, large or small, charitable or not for profit
  • There is no limit to the amount of funding available

Improvements to “Business Interruption Loan Scheme”

  • The interest free period has been increased from 6 months to 12 months
  • Confirmed that this will be available from Monday 23rd March 2020
  • Further measures for larger and medium sized businesses likely

Support through the tax system

  • Next quarter’s VAT payments are deferred until the end of June

Self-employed

  • The next self-assessment tax payment has been deferred to January 2021
  • The Chancellor is raising the payment limits for Universal Credit so that the self-employed receive the same amount as someone on statutory sick pay (£94.25 per week)

We will continue to update you as more details are released.

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