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Covid-19 (Coronavirus) Factsheet

There’s no doubt that this is a challenging time for many people, both professionally and personally, with businesses struggling to manage or being ordered to close altogether as part of strict measures to help stop the spread of Coronavirus.

We want to help people make sense of what help is available at this difficult time so have put this factsheet together to summarise the key measures the government have put in place to help.

There is a lot of information out there and it can be quite overwhelming, so we’ve tried to condense it and make it as clear as possible. If you have any further questions, please just ask and we will try our best to help.

Schemes Available to Support Businesses and Individuals

Coronavirus Jobs Retention Scheme

  • Any Employer will be eligible for the scheme
  • Government will cover 80% of salary at a maximum of £2,500 a month
  • Wages can be backdated to 1st March
  • The scheme will be initially open for 3 months

How to access the scheme?

  • You will need to notify employees of the change and identify them as ‘furloughed workers’
  • You will need submit the information to HMRC of the employee’s earnings through a new online portal (The system is not yet available)


  • You will need to pay the employees as normal (even if you only pay them 80%) and claim back the 80%.  If this will be a struggle you can apply for a Business Interruption Loan.

Coronavirus Business Interruption Loan

  • Loan up to £5 million and for up to 6 years
  • The Government will cover the first 12 months of interest and any lender-levied fees
  • These loans will be backed by the 40 accredited lenders
  • Any UK based Business is eligible, with a turnover of no more than £45 million per year
  • You must meet the other British Business eligibility criteria

How to access the scheme

  • Best way to apply is to talk to your bank, or one of the other 40 accredited finance providers

Companies Paying Employees Sick Pay

  • The government will refund up to 2 weeks SSP per employee who has been off work due to Covid-19
  • This is for employers with fewer than 250 employees
  • Records of sickness will need to be kept as normal

How to access the scheme

  • This has not been announced yet – but a repayment mechanism will be setup asap

Deferment of VAT Payments

  • All VAT payments will be deferred for 3 months from 20 March 2020 to 30 June 2020
  • VAT Returns need to be submitted as normal
  • It is an automatic scheme, so no action is required
  • Deferred VAT must be paid by the end of March 2021
  • Please note that is you have VAT refund this will be paid as normal

Deferment of Self-Assessment Income Tax Payments

  • Payments due on 31st July will be deferred until 31st January 2021
  • All self-employed
  • Scheme is automatic no further action needed

Business Rates Holidays for Retail, Hospitality & Leisure Businesses

  • No Business Rates will be payable for the 2020 to 2021 tax year
  • Business must be in the retail, hospitality and leisure business
  • Business that will benefit: shops, restaurants, cafes, pubs, cinemas, live music venues, hotels, guest and boarding premises and self-catering accommodation

How to access the scheme

  • This will be automatically reflected on your next rates bill in April 2020

Cash Grants for Retail, Hospitality & Leisure Business

  • Business as above with a rateable value of £15,000 and under will receive a £10,000 grant
  • Business with a rateable value of £15,000 – £51,000 will receive a grant of £25,000

How to access the scheme

  • This is automatic and your local council will write to you

Small Business Grant Scheme Funding

  • If your business received small business rate relief, there will be a one-off grant of £10,000 available
  • You need to be already receiving small business rate relief and your business occupies a property.

How to access the scheme

  • This is automatic and your local council will write to you

Time to Pay Services

  • All business and self-employed with outstanding tax liabilities, may be eligible to receive support through the HMRC’s time to pay service
  • This is on a case-by-case basis

Insurance Cover

  • Please check with your policy provider as may be covered under your insurance policy

Mortgage Repayment Breaks

  • You can apply for a 3 months holiday break on your mortgage payments
  • Most mortgage providers are supporting this and depending on your provider you either need to apply online or by letter. 
  • This shouldn’t affect your credit rating as it will be agreed in advance, however, please speak to your Mortgage company and they will be able advise you on this
  • NOTE :- Interest will still be added to the outstanding balance.

Personal Loan Repayment Breaks

  • Many banks are offering up to 3 months loan payment breaks
  • Again, please speak to your loan provider for more information on this

Get Your Questions Answered

If anybody has any questions, please feel free to give us a call on
07498 506475 or drop us an email and we’ll try and help in any way we can.