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Published: 28/03/2020

What Support is Available for Businesses?

COVID-19

As an independent retailer during this period of uncertainty, you may be worried about the financial impact this could have on your business.

However, since the Covid-19 outbreak, Chancellor Rishi Sunak has unveiled a series of measures to help businesses across the country. As an independent retailer, here are some of the initiatives that could apply to you. 

What: A one year rent holiday for all retail businesses

What does this mean for you? Initially, the Chancellor announced a rent holiday for all businesses of a rateable value below £51,000. However, as the pandemic progresses, this has been extended to cover businesses of all sizes regardless of the rateable value. 

What: A £330bn package of government-backed loans and guarantees for UK businesses to help with any financial strains caused by the coronavirus outbreak

What does this mean for you? If your business is struggling financially due to the outbreak you can apply for a government-backed loan or credit at an attractive rate.

What: Deferred VAT payments for this quarter 

What does this mean for you? You will not have to pay VAT from now until the end of June 2020. Businesses will have until the end of the year to pay the VAT for the months missed.

 

What financial support is in place to help retailers look after their staff? 

What: Job Retention Scheme 

What does this mean for you? If you are struggling to pay your employees, you can apply for a government grant which will cover 80% of a retained worker’s salary up to £2500 per month. 

What: The government will refund the cost of statutory sick pay for up to 14 days to small- and medium-sized businesses 

What does this mean for you? If you are a business with less than 250 employees and a member of staff needs to self-isolate because of Covid-19, your business will be protected from the full financial impact of employee sickness.

For more information about what kind of financial help is available to you during the Covid-19 outbreak, the ACS has provided an in-depth overview which you can access by clicking here.

 

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