We continue to share the updates and support options for businesses and SMEs in the UK as they come to us. In this article we share the recent Government announcements for the Covid-19 support for businesses & their staff.
Grants of £10,000 for the smallest businesses, via local authorities. Business Interruption Loans are available for up to £5m.
Salary Support for furloughed workers has been offered to support during this time, with the government offering to provide 80% or up to £2,500 per month of an employee's salary (whichever is lower). We have created an article with more information on the expectations and requirements for businesses planning to make an employee furloughed, here.
If you qualify, you can request to have up to a 3 month holiday on your mortgage. Please note, you must speak with your mortgage provider as this may change your monthly payments after the 3 month holiday.There is also a 3 month cessation on repossessions at this time.Banks have also committed to make £14bn available to UK businesses as a part of the Business Loans Scheme.
Businesses in the hospitality and leisure industries will receive a business rate holiday for the 20/21 tax year. They are also offered a £25,000 grant if rateable value is below £51,000 and above £15,000.
