Coronavirus Financial Assistance – Second Daily Update – 20.3.2020

Coronavirus Financial Assistance – Second Daily Update – 20.3.2020

Please see below some supplementary information following the government’s statement of this evening.

Please click here for the 19.03.2020 update and click here for the information given earlier today which provides more detail and links regarding the various packages.

New points announced by the government at 5pm on the 20th March:

Coronavirus Job Retention Scheme

  • Employers will be able to claim grants for the wages of the staff who are unable to work, but who are kept on the payroll.
  • The grants will cover up to 80% of the wages up to £2,500 per person per month.
  • The grants are currently set to cover wages for a 3-month period and can be backdated to 1st March 2020.
  • There is no upper limit to the overall cost of this scheme.
  • The first grants will hopefully be payable within 2 weeks and additional information will follow in due course.

Statutory Sick Pay
 (including self-employed claims)

  • Self-employed people will now be able to claim Universal Credit at a rate equivalent to the Full SSP.

 Business Interruption Loan Scheme (CBILS)

  • Loans will be available from Monday.
  • The interest free period will now last for 12 months instead of the previously stated 6 months.

HMRC Liabilities

  • VAT payments due in the next quarter (until the end of June) will be deferred, with payment not due until the end of the year.
  • Self-employed tax payments due on 31 July 2020 are deferred until 31 January 2021.

Other Matters

  • Universal Credit is being increased by up to £1,000 for the year.
  • Working Tax Credit (Basic Element) is being increased by up to £1,000 for the year.
  • There will be £1 billion made available to assist those living in rental properties, potentially covering up to 30% of the rent due, subject to those tenants satisfying the qualifying criteria (mainly those qualifying for housing benefit or universal credit).
  • As declared several days ago, there is also the potential to defer mortgage payments for up to 3 months, which can be arranged with your own mortgage provider.

We are aware that people may have questions about some of the above points, we will keep you updated as soon as further information becomes available. Please email us if you have any queries you would like help with.

Please call our Main Office on 01573 225 082 to discuss arrangements to drop off or collect records (the receptions in some offices are still open, but this is subject to change as we’re sure you’ll understand), and to arrange essential meetings.

Kind regards,

The Douglas Home & Co Team

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