Diary of a Sutton Councillor

Support for businesses affected by Coronavirus

  Cllr Jayne McCoy

  Deputy Leader and Chair of Housing,
  Economy & Business Committee

 

The government has announced a number of financial support schemes to help businesses affected by the Covid-19 crisis.

Sutton council will be implementing many of these schemes through its responsibility for collecting business rates.

Many of the business rate reliefs and grants will be applied automatically, especially for businesses already registered to receive small business relief. Now is a good time to check your eligibility for any small business reliefs so that you will also be registered for any additional reliefs applied due to Covid-19.

The reliefs and grants are expected to be applied from 1st April.

There are also financial support grants to enable staff retention and business interruption loans for SMEs. You should contact your bank to access the loan scheme and HMRC regarding a staff retention grant.

VAT and Income Tax payments are being deferred by three months from their due date. Self-employed payments due in July 2020 are deferred until January 2021.

I am aware that much of the support is not available, or as generous, for those who are self-employed or who work in the gig economy. I have therefore added my name to a letter to Government from London Council business portfolio holders calling for additional support specifically for the self-employed.

Until additional measures are introduced self-employed people affected by the virus and restrictions are advised to claim Universal Credit or the new Employment and Support Allowance.

More information on the financial support for businesses is available on the Sutton Council website: https://www.sutton.gov.uk/info/200588/health_and_wellbeing/2078/covid-19_coronavirus/13

 

Tell me what more you need from Government

The financial support for businesses offered by the government at this incredibly difficult time is welcome. However, I want to hear from businesses about whether the support is sufficient, understandable and easily accessible. Please take a couple of minutes to complete this business survey which will be used as evidence to put to government if additional support is required by businesses.

In the meantime stay home, stay safe, stay well.

 

March 25, 2020 - Posted by | Information | , ,

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