What Is Coronavirus?
Coronavirus (COVID-19) is an infectious disease caused by a newly discovered coronavirus that has never been encountered before. It was first identified in Wuhan, China.
Most people infected with the COVID-19 virus will show symptoms such as:
- A high temperature (fever)
- Continuous Cough
People with underlying medical conditions and older people are at risk to develop a more serious illness such as pneumonia. Antibiotics and antiviral drugs that we have against flu will not work. Recovery depends on the strength of the immune system.
As the Coronavirus continues to disrupt the normal operations of businesses, we are providing resources with steps that will help to minimise the overall impact and support the UK government’s strategy.
Official Guidance For Business
In response to the recent Coronavirus outbreak, the chancellor has released several measures and guidelines for employers and small businesses. Businesses should check for daily updates to ensure they are acting on the most up to date information.
Please see the NHS information with advice about how the coronavirus is spread, the symptoms of the illness and what steps you can do if you suspect that someone you live with has symptoms.
You can find as well stay at home guidance for households with possible infections due to the coronavirus.
Business Support Available
If your business is affected you can find more information on coronavirus business support.
The chancellor has as well announced an increase in the small business coronavirus cash grant to £10,000, as part of the £330 billion packages of support for businesses, the grant money will not be available until early April.
Besides, VAT payments are going to be deferred for 3 months until the 30 of June 2020.
Coronavirus Business Interruption Loan Scheme
Several private lenders are making as well funds available for those affected by the Coronavirus, Lloyds Banking Group has been confirmed as an accredited lender to offer the Government’s Coronavirus Business Interruption Loan Scheme. NatWest has as well pledged more than £5 billion in working capital for small business.
Retail, Hospitality & Leisure Business
You can be eligible for a grant of up to £25,000 if your business is in the retail, hospitality or leisure sector, you can find out more here.
Coronavirus Job Retention Scheme
If you’re an employer with a PAYE scheme you will be able to access financial support to continue paying a part of your employees’ salary who would otherwise have been laid off during the health crisis, under the scheme HMRC will reimburse 80% of their wages.
Income Tax Deferral for the Self-Employed
Income Tax payments under the self-assessment system can be now deferred until January 2021, it’s an automatic offer with no applications required. HMRC have also scaled up their time to pay to help those who have outstanding tax liabilities.
Business Rates Holiday for Retail, Hospitality and Leisure
Businesses in those sectors will not have to pay business rates for the tax year dated 2020-2021.
Statutory Sick Pay Rebate
The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay paid for staff sickness absence due to the virus, find out more here.
Covid-19 Corporate Financing Facility
The new Covid-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from companies which are fundamentally strong but have been affected by the Coronavirus.