Help for business owners
The Coronavirus Business Interruption Loan Scheme will support lenders to offer loans up to £5m with no interest due for six months:
- Employers will be able to contact HMRC for a grant to cover most of the wages of people who are not working but who are 'furloughed' and kept on payroll, rather than being laid off
- All employer across the UK - small or large, charitable or non-profit - will be eligible for the scheme
- The government grant will cover 80 per cent of the salary of retained workers up to a total of £2,500 a month, with employers being able to top up salaries further if they choose to
- Support with the cost of wages will be backdated to 1 March 2020 and will initially be available for at least three months, with the option for the scheme to be extended if necessary
- If any of your employees have a zero-hours contract, please let them know they'll be able to access Universal Credit and the new Employment Support Allowance
- If you employ fewer than 250 employees, you will be able to reclaim Statutory Sick Pay for employees unable to work because of Coronavirus. Other government support for businesses
