To easily determine what financial support is available to you can use the Government’s new ‘support finder’ tool.
The Chancellor of the Exchequer has made available an initial £330 billion package of Government support for public services, individuals and businesses, including a 3-month mortgage payment holiday. See guidance for employees, employers and businesses. This includes advice on Statutory Sick Pay, those on zero hours contracts, the self-employed and how to apply for Universal Credit or Employment and Support Allowance (ESA). Further support and funding will be made available for as long as is needed.
Coronavirus Job Retention Scheme: Not everyone can work from home. If you and your employer both agree, your employer might be able to keep you on the payroll if they’re unable to operate or have no work for you to do because of coronavirus (COVID-19). This is known as being ‘on furlough’. You could get paid 80% of your wages, up to a monthly cap of £2,500. See guidance for employees, employers and businesses. The scheme is open to all PAYE employees employed before 19 March 2020. Click here for the step by step guide for employers.
The Coronavirus Job Retention Scheme will continue until end of October. New flexibility will be introduced from August so furloughed workers will be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff.
Bounce Back Loans: To provide further support to businesses, from May businesses can apply through a short, standardised online application for a new ‘Bounce Back Loan’ up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months. The Government will support lending by guaranteeing 100% of the loan. See further information.
Support for the self-employed: The Government will launch a Self-Employed Income Support Scheme, to make sure people who work for themselves are getting the financial support they need. Through the scheme, the Government will pay self-employed people across the whole of the UK who have been adversely affected by coronavirus a taxable grant worth 80 per cent of their average monthly profits over the last three years, up to £2,500 per month, for three months – but we will extend it if necessary. The scheme will cover an estimated 95% of all self-employed workers in the UK and the Government and HMRC are working day and night to get this scheme up and running by June.