👇🏼 COVID-19 UPDATE 👇🏼
If your rateable value is under £51k, and even if you don’t pay rates, but are listed as the rates payer, then the local authority will issue the Rates Grant in early April and there is no need to apply.
With regards to the staff pay, if your staff are unable to work due to the coronavirus then they classed as furlough workers. With that, the government will then pay 80% of the staff wage up to £2500 per month. Although from what we understand, this won’t be paid out until the back end of April. This will also be backdated to 1st March.
However, there will be a limbo period, of earning no income at present, having to pay staff either at the end of March or weekly, up until the end of April when the monies come back to you from the government.
A further option for this period could be the 12-month interest-free loan, although the banks at present aren’t sure how this is going to work just yet.
There is currently very little at the minute as we are awaiting guidance for the 1 man Ltd company scenario and hopefully, that will be very soon 🤞🏼