Changes since last bulletin on 20 April 2020
- Bounce back loan scheme launched with 100% government guarantee.
- Possible shape of Coronavirus Job Retention Scheme after the end of June.
- Abandonment of requirement for forward-looking financial information or business plans when applying for business interruption loans.
- Temporary ban on use of statutory payment orders and winding up orders for non-payment of commercial rents.
- Government’s business support finder tool introduced.
- FCA confirms three-month payment freeze for motor finance, buy-now pay-later, rent-to-own) and pawnbroking agreements.
- One month interest-free payment freeze for high cost short term credit ordered by FCA.
- Promise from Chancellor of more detail on Self-employed Income Support Scheme in week commencing 27 April.
The 11 March Budget from the Chancellor, Rishi Sunak, included £7 billion of expenditure targeting the impact of Covid-19 on employees, the self-employed and businesses. On 17 March a further raft of measures was announced, amounting to an additional £20 billion of support expenditure plus £330 billion of loan guarantees.
Between 20 March and 26 March, the Chancellor made three separate rounds of announcements, including measures to support retention of employees, a range of financing options and an income replacement scheme for the self-employed. In many instances, the devolved governments have followed suit, with funds provided from Westminster under the Barnett formula.
Guidance on measures have regularly been issued as queries have been raised and clarifications sought. As a result, what was originally announced could well differ from what now applies, for example, in the cut-off date for the job retention scheme.
We have pulled together a round-up of the various announcements so far for businesses and individuals including useful links to government sites and added new details where released, including announcements through to 27 April, please click here to download the full document.