2020 Spring Budget - Coronavirus Provisions
The following is a summary of 2020 Spring Budget in relation to Coronavirus (COVID-19).
To return to the full summary of facts click here.
The Chancellor announced the following support due to the impact of the Coronavirus:
- Employees – Statutory Sick Pay (SSP) will be available for qualifying employees from day 1 for all those who self-isolate even if not diagnosed
- Employers – SSP costs will be refunded by the Government for up to 2 weeks for business with fewer than 250 employees.
- Self-employed – Self-employed workers will be eligible to claim contributory Employment Support Allowance (ESA) from day one instead of after 1 week.
- Benefit Claimants – those advised to self-isolate will not have to physically attend job centres to claim their benefits.
- Repayable loans - Small and medium-sized businesses will be able to access up to £1.2m in temporary business interruption loans.
- HMRC helpline - A new helpline has been set up by HMRC to provide support to struggling businesses. HMRC may offer instalment payment arrangements, suspension of debt collection proceedings, and cancellation of penalties and interest in some cases.
These measures will provide some much-needed relief to employees and businesses concerned about the financial impact of the Coronavirus.
To return to the full summary click here.
A PDF version is available to download here.
Interested in finding out more? Contact:
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.