2020 Budget COVID-19 Support

Delivering the 2020 Budget the Chancellor stated that he will do “whatever it takes” to protect the economy from the impacts of Coronavirus

Announcing a £30 billion support package which includes:

  • Business rates will be abolished this year for firms with a rateable value below £51,000
  • Statutory sick pay will be available to anyone advised to self-isolate. They will be able to get a sick note through 111
  • The minimum income level will temporarily be removed from universal credit
  • There will also be a £500m hardship fund for local authorities
  • The cost of a business having to have someone off work for up to 14 days will be refunded with £2bn allocated to cover firms that lose out because staff are off sick. This will apply to firms that employ fewer than 250 staff
  • A Coronavirus Business Interruption Loan Scheme to support up to £1 billion
  • A £2.2 billion grant scheme for small businesses
  • A dedicated helpline for those who need a deferral period on their tax liabilities

For a more comprehensive review please refer to the document produced by BETA’s accountants Elman Wall here

Elman Wall area also available to offer support and advice around cashflow preservation, HR policies or restructuring and you can find out more about them here

If you have any comments on the budget or support allocated to COVID-19 please do contact us here

There has already been some dissatisfaction shown in respect of the business rates, given that there are many large organisations also suffering, who employ large numbers of people that fall outside of this threshold yet are occupying prime locations in tourism hotspots.