Coronavirus Update – 18 March 2020

by Emma Fox

schools, shops, chancellor, coronavirus

Following the Chancellor’s latest announcements on 17th March 2020 we are bringing you an update for support available for your small business.

Chancellor’s updates 17 March 2020

£330 billion support package including:

  • 12 month business rates holiday for ALL shops, bars and restaurants
  • 3 month mortgage payments holiday (still waiting on updates for rent payments).
  • Government backed Coronavirus business interruption loans up to £5m for small businesses, with no interest for 6 months.
  • Cash grants of £10,000 to £25,000 for small businesses.
  • Details of the loans and cash grants should be available within a week.
  • The Government’s action in advising people to stay away from pubs, clubs and restaurants will be enough for these businesses to claim against their insurance.
  • More financial support will be provided as and when decided by the Chancellor.

Updated guidance for YOU and your close ones

  • Avoid non-essential contact (including friends and family)
  • Try to work from home
  • Avoid pubs, clubs and restaurants
  • Avoid mass gatherings (sporting events, festivals)
  • Self-isolate for 14 days if you or any of your family have symptoms
  • Don’t use the NHS if you don’t have to
  • Ask for help from others for your daily necessities
  • Limit social contact if you do have to leave the house for supplies

We are here for you

Every small business owner will have different issues, and different needs. We are here if you want to chat through your concerns. We are going to be offering some advanced cashflow services in this time of need so that you can rest assured you know how your business is affected.  Our aim is to offer this at no additional cost to you at this time as we will be seeking a Grant from the government to cover this and Float have offered to help assist all of our clients with anything they need.

We’re here if you just want someone to talk to, to chat through your thoughts and plans, and to provide more info on any of the above points. Even though we are all working remotely we are still available as usual.

We are all in this together and wish you all to stay safe!