Covid-19 : Business Support 26.03.20 – Update 9
Further updates on support measures:
Self Employed Individuals – new measures
The Chancellors statement (just now) has introduced the following measures for self-employed individuals:
- The government will pay self-employed people, who have been adversely affected by the coronavirus, a taxable grant worth 80% of their average income over the last three years, up to £2,500 per month, for at least three months.
- Self-employed people who are eligible can apply directly to HMRC for the grant, using a simple online form
- HMRC will then pay the grant straight into your bank account
- This scheme will be open to those with income of £50,000 or less, who make the majority of their income from self-employment.
- For self-employed people who are struggling now, they will be able to access the business interruption loans.
- Self-employed individuals can now access Universal Credit in full.
- A self-employed person with a non-working partner and two children, living in the social rented sector, can receive welfare support of around £1,800 per month.
We are await further detail on same.
Coronavirus Job Retention Scheme
The Chancellors also noted that detailed guidance will be published this afternoon. We are await further detail on same.
NI Business Support Grant Scheme : £10,000 Small Business Rates Relief
The following clarifications have been published in relation to the Small Business Rates Relief £10,000 grant:
- Business with multiple premises will only be eligible for one grant of £10,000 in total.
- For rental properties, the scheme is being designed to benefit the small businesses and not the landlord who is responsible for paying the rates. For this reason, no grant payments are being automatically issued to landlords of properties with a rateable value of £1,590 or less. Arrangements are being put in place to contact the landlord and small businesses concerned.
Eligible businesses that don’t currently pay business rates by Direct Debit can register for the scheme and provide their bank details by completing the following online registration form at: https://www.nibusinessinfo.co.uk/content/coronavirus-business-support-grant-schemes. The first payment in the Small Business Support Grant Scheme will be made on 31 March if not before.
The overview document attached has been updated to reflect the additional updated on the NI Business Support Grant Scheme set out above. The document has not been updated to reflect the new support measures for self-employed individuals introduced by the Chancellor this afternoon – this will be updated once the detail has been formally published.