March 2020 Budget and Small Businesses
Today, Southampton boy and New Chancellor of the Exchequer, Rishi Sunak released his 2020 Budget.
Unveiled were some great support available to Businesses, many ainmed at Small Businesses in particular with the current Coronavirus which is affecting businesses small and large. So, without further ado, let’s take a closer look at the March 2020 Budget and Small Businesses.
Statutory Sick Pay (SSP)
There were two changes surrounding the March 2020 Budget and Small Businesses which affect Statutory Sick Pay (SSP).
Firstly, for all those employees that are advised to ‘self-isolate’ – even if they have not displayed coronavirus symptoms – SSP will be available to them from the first day of sickness, instaed of the employee needing to be sick for at least 4 days in a row (including non-working days).
Small businesses cannot usually claim this back but, for the first time, those employers who have less than 250 employees they will be able to recover the full cost from the government. Given we don’t know how long the coronavirus pandemic will last, this is going to help a lot of small businesses – especially those that employees are unable to work from home.
This is great news for the March 2020 Budget and small businesses!
For Retail, Hospitality or Events businesses with a rateable value of £51,000, business rates will be suspended for a year.
Another win for the March 2020 Budget and small businesses!
Coronavirus Business Interruption Loan Scheme
A “Coronavirus Business Interruption Loan Scheme” will support up to a further £1bn lending to smaller businesses.
The government will guarantee bank loans to small businesses on amounts of up to £1.2m. The government will cover bank losses of up to 80%.
Day we say it? Yet another win for the March 2020 Budget and small businesses!
Zero Hours Contracts
There are plans to make it quicker and easier to get benefits for those on zero-hours contracts. This goes in line with the new statutory changes that are happening from From April which you can find in my blog – Statutory Changes April 2020 for Small Businesses.
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