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For most small businesses, freelancers, self employed workers and even employees we are seeing difficult financial times. We’ve pulled together all of the recent government advice and coronavirus financial support to get through these challenging times.

I’m an employer – What should I be doing?

This government page has all of the information you need right now.

Here’s the overview:

  • Employees should be given the support to do their jobs from home where possible.
  • Only have employees coming to work if you classify as essential business
  • Employees are entitled to statutory sick pay from day 1

The coronavirus job retention scheme, also known as furloughed employees means you can claim for 80% employees on a leave of absence usual monthly wage costs. This can be up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme anytime during this period and you are encouraged to use this to support your employees during this time.

 

I’m an employee- do I need to do anything?

Both you and your employer must agree for you to become a furloughed employee and receive 80% of your monthly wages. You will not be allowed to undertake any work for your employer if receiving the government support.

If you have not discussed this option with your employer you should do so. You can use this government page to help you work out whether you are eligible.

 

I’m a small business- where can I get help?

The FSB is a great source of support and advice for small businesses so we recommend checking their website. Some small businesses will be eligible for business interruption loans. Many businesses in sectors such as hospitality will be eligible for a pause on business rates. For businesses in England there are also grants available for certain sectors and for small businesses.

 

I’m self employed, what are my options?

The government have released their self employed package to support self employed individuals who have been negatively affected by the Covid 19 outbreak. This will only be eligible for people who have submitted a self assessment for 2018/19 or prior. They must also have trading profits of less than £50,000 and have more than half of their total income from self-employment. You do not need to do anything, HMRC will contact those who are eligible to apply. See the full eligibility at the gov page.

 

Where can I find more information?

Another great source of information for all coronavirus financial support across all situations is the business support gov page this has all scenarios so you can look at all the options available right now and see which one is the best option for you.