COVID-19 Government Support for UK SMEs
A list of available government support for UK SMEs during the COVID-19 crisisCOVID-19 Advice
Job retention scheme
• Affected employees must be designated as “furloughed workers” and notified as such.
• HMRC will set up an online portal to submit information.
• HMRC will reimburse 80% of furloughed workers wage costs, up to £2,500 per month.
• The scheme will run for three months from 1 March but may be extended.
• Does not apply to short-time working.
• Consent is required from employees to furlough.
• Can include workers who were in employment on 28 February 2020.
Business interruption loan scheme
• Launches w/c 23 March.
• Government provides lenders with a guarantee of 80% on each loan.
• Supports loans of up to £5m.
• Interest and fees paid by the Government for 12 months.
• List of accredited lenders includes banking partners
Deferral of vat
• VAT payments from 20 March to 30 June will be deferred for 3 months.
• VAT liabilities that accumulate during the deferral period do not need to be paid until the end of FY21.
• VAT reclaims will be processed as normal.
Sick pay support
• Government will refund up to two weeks’ Statutory Sick Pay per employee who has off work because of COVID-19.
• Employees do not need to provide a GP fit note but should acquire an isolation note fromNHS 111 online (infected) or the NHS website (living with someone infected).
• Repayment will happen over the coming months as the mechanism is set up.
Time to pay service
• Payment plans for outstanding tax liabilities available on a case-by-case basis.
• HMRC have a dedicated helpline for companies in financial distress due to COVID-19: 0800 0159 559