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Coronavirus government grants for businesses

Grants will be a lifeline for many of us - Here is what i know so far.

I've just got off the phone to my accountant who is looking into the grant situation for all their clients and is in contact with the council on an ongoing basis as i write this.

The following is what i have been told and may or may not be true or correct and could all change in the future but hopefully it's on the right track.

Also what businesses will be eligible i don't know but i was called personally by my accountant so guess i'm in the running.

Looks like they will come from the local authority by way of the government.

At present she said they are proposing to make grant payments to businesses at start of April but as she pointed out that will already be too late for many with end of month payroll.

She also said the councils are running skeleton staff as they are all dealing with the coronavirus situation at the moment, so means testing will be out of the question as will processing forms and paperwork. Maybe they will pay now process later.

She thinks they may just have to send out lump sums to businesses. What they will base that on i don't know - maybe last years turnover or profit??

Its a fluid thing at the moment, developing all the time but hopefully something good comes out of it. Will it be enough...who knows...

If i hear anything else i'll update.

If you have an accountant i'd advise chasing them up about this unless like mine they are already doing it on behalf of their clients.

 

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  • There is a little more here:

    https://landscapejuicenetwork.com/forum/topics/government-help-for-...

    Government help for businesses affected by Covid-19
    The UK government's announcement of a £350bn economic support package for businesses affected by Covid-19 has made the headlines, but how do you star…
  • The UK chancellor, Riski Sunak, said: "Many businesses are hurting now and I can announce that the Coronavirus Business Interruption Loan Scheme will not be interest-free, as previously planned, for 6 months – it will be for twelve months. Those loans will now be available on Monday."

    https://www.british-business-bank.co.uk/ourpartners/coronavirus-bus...

    Coronavirus Business Interruption Loan Scheme (CBILS)
    Learn more about the Coronavirus Business Interruption Loan Scheme (CBILS), including the business finance products available and eligibility criteri…
  • COVID-19: support for businesses


    The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
    COVID-19: support for businesses
  • LJN PRO

    Valuable commentary from a trusted source :

    https://www.fsb.org.uk/resources-page/small-employers-welcome-lifel...

    Small employers welcome lifeline, but self-employed question exclusion from 80% wage commitment, as…
    The Prime Minister has this evening ordered a host of high street small businesses – including cafes, bars, restaurants, cinemas and gyms – to close.
    • I couldn't access that on mobile so I'm copying part of it here:

       “While it was encouraging to hear the Chancellor pledge his support for the self-employed today – with a commitment to defer self-assessment and VAT bills and suspend the Minimum Income Floor – this Government has a long way to go to show it’s on the side of our five million-strong self-employed community. Over the coming days, we need to see the Chancellor map out how he will directly support the self-employed in the same way as he has committed to directly support employees.

      “The question at this point is – with firms being force to close – why have the self-employed been excluded from the commitment to pay 80% of earnings?

      “It cannot be right that an employee currently earning £25,000 a year could access £20,000 per annum through the new job retention scheme, while someone who’s self-employed earning the same sum might only access around £5,000 worth of support.

      “We need to see the Prime Minister’s ‘whatever it takes’ approach extended to the self-employed – that means following the lead of other nations by guaranteeing 80% of incomes for those who lose work.”  

  • Something like 80% of last years declared income would give parity if unable to work and self employed. 

    • PRO

      Agreed, and this figure would be quick and easy for HMRC to access from existing records or through accountant.

      • For good measure something like this would also penalise those who dont declare all their earnings.

  • PRO

    Comment from guardian btl that sets it out better than I ever could.

    A monumental intervention for sure. However, the provision for self-employed workers must be addressed. As things stand, self-employed people whose incomes have just disappeared will be eligible for £94.25 a week, or £408 per month through Universal Credit. Taking into account the additional £1,000 boost Sunak announced tonight, it could be more like £491 per month.

    £491 per month? But the government is able to support PAYE workers up to a maximum £2500 per month? 15.1% of workers in the UK are self-employed. Do they not contribute to the economy or pay their taxes too? Are they not desperately in need of support right now too? Norway have announced that they will pay 80% of self-employed income, averaged over the past three years.

    There seem to be further consequences. Because the support for self-employed people goes through Universal Credit, anyone who has over £16,000 in savings in not eligible. So, theoretically, a self-employed person who has responsibly put money away in savings is now punished with zero income support, and must dip into savings to survive until their income returns. For 12 months of social distancing? Meanwhile - please correct me if I am mistaken - a worker on a six-figure salary with thousands, perhaps even millions in savings, will be paid £2,500 per month in the PAYE scheme.

    Please, someone explain how this is a fair way to support self-employed people in an unprecedented national crisis. Sunak must come back and announce a scheme for paying 80% of averaged self-employed income. Only then will he being doing 'everything [he] can to keep this country, and our people, healthy and financially secure'.

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