As an organisation that is rooted within the community which it serves, EKC Group is passionate about supporting our local businesses, and our local economy. In this time of unprecedented challenge, we have committed to shortening the time it takes for our suppliers to receive payment. We hope that this will enable them to have smoother cash flow, bringing them that additional resilience which all businesses need in this challenging environment.
Our Group has also committed to supporting the Government’s communication around its support for business during this pandemic. A wide range of measures have been made available by Government to support businesses across the nation, so take a look below to find out how your business can take advantage of this package.
The measures available to business announced by the Chancellor are:
- A Coronavirus Job Retention Scheme where small and large employers will be eligible to apply for a Government grant of 80 per cent of workers’ salaries up to £2,500 a month. The scheme will be backdated to March 1 and available for at least three months, with first grants to be paid within weeks;
- A new Coronavirus Business Interruption Loan Scheme will be delivered by the British Business Bank. It will enable businesses to apply for a loan of up to £5 million, with the Government covering up to 80 per cent of any losses with no fees. Businesses can access the first six months of that finance interest free, as government will cover the first six months of interest payments;
- For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the Government in full. This will provide two million businesses with up to £2 billion to cover the costs of large-scale sick leave;
- A dedicated helpline to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to coronavirus, call HMRC’s dedicated helpline on 0800 0159 559.
- A £10,000 cash grant to for the smallest businesses, delivered by local authorities. Small businesses that pay little or no business rates and are eligible for small business rate relief (SBBR) or rural rate relief will be contacted by their local authority – you do not need to apply. The funding will be provided to local authorities in early April. Guidance for local authorities on the scheme will be provided shortly.
- A business rates holiday for retail, hospitality and leisure businesses in England for the 2020/21 tax year A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value between £15,000 and £51,000.
- For further information and updates on these schemes, please visit Government’s website.