Update – 24th March 2020
COVID-19
Update 24 March 2020
1.Coronavirus Job Retention Scheme – NOTE
As an employer you must correctly communicate to workers by way of letter that they are being ‘furloughed’.
2.Support of Self-Employed workers
What is available?
NOTHING IS YET CONFIRMED WHICH DIRECTLY LINKS TO INCOME
There is currently a bill being discussed in parliament which will ensure that the self-employed/Freelancers are supported in line with the rates being used for employees. This of course could change.
An extract of this is below.
3.Hardship Fund
What is available?
The governments hardship fund will provide council tax relief to vulnerable people and households to help those affected most by coronavirus. The Hardship Fund will support those in receipt of Local Council Tax Support schemes by reducing their council tax liability for 2020 to 2021. The level of support is decided by the council, taking account of local circumstances, but will provide a reduction on council tax bills to lower income households, taking account of income and savings.
Who do I ask?
Your local authority – updates should be available through their website.
When?
The Government is keen to ensure that support is provided as quickly as possible to individuals who are eligible. Council tax reductions should be applied as soon as possible from the beginning of the 2020-21 financial year and billing authorities should rebill council taxpayers as quickly as practical.
4.Corona Business Interruption Loan Scheme (CBILS) – UPDATE
What is available?
In the last hour we have been provided with this information from a commercial finance broker highlighting some key additional details.
- Loans are available for £25,001 up to £5m.
- Loan Term – 1 – 6 years.
- No arrangement fees.
- No security fees.
- No interest payments for 12 months.
- Up to 12 months Capital Repayment Holiday also available meaning nothing to pay for 12 months.
- Loans in the scheme are limited to a maximum of 25% of 2019 turnover or double the annual wage bill, whichever is greater.
Who do I ask?
Your bank relationship manager in the first instance.
When is it available?
You can contact your bank now
Government Link https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
For copies of our previous updates please e-mail either
Previous updates
18 March, 19 March, 21 March
This article is written for the general interest of our clients and is not a substitute for consulting the relevant legislation or taking professional advice. The authors and the firm cannot accept any responsibility for loss arising from any person acting or refraining from acting on the basis of the material included herein.
