Summary of latest government announcement for business
Monday 11th May 2020
The furlough scheme remains active until at least the end of June, announcements are expected soon about the future of the scheme beyond that,
Government is encouraging those that can’t work from home to return to work from Wednesday 13 May 2020, in some sectors. Government has published sector specific advice regarding safety in the workplace with coronavirus, which can be found here. We can refer you to a health and safety specialist for H&S advice, or to WBW solicitors for employment law advice.
Some specific sectors remain on enforced shutdown and a timetable has been set out when the government will look at reopening, including non- essential shops from June and leisure/hospitality not before July.The latest gov.uk FAQ can be read here
While most business insurance will not cover loss of profits due to the virus, we have seen a client successfully receive a substantial claim because the wording on their policy specifically insured against an opposed shutdown by authorities“If you are unable to trade due to government or local council directives”. As such it may be worth checking your policy to see if your business interruption is covered.
SEISS Self Employed Income Support
All sole traders and partnerships should have had our email last week and should have an HMRC invitation to check their eligibility for a claim and may wish to claim if profits have been lost and the business is still trading. Ensure you have set up your tax account this week ready to make any claim. The rules are not obvious and some newer businesses may not receive a grant where as other businesses will receive more than they might expect. See our website for details here.
Bounce Back Loans
Many clients successfully applied for and received loans last week, with most banks coping well with the applications. There were some banks that had issues, it may be possible to apply to a bank other than your normal bank. See our previous email or website for details here.