The latest update from ActSmart's Business Insurance partner
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s and the drive for employees to work from home, Butterworth Spengler have compiled the following general information to be considered:
COVID-19 - Considerations for working from home
Butterworth Spengler have also sent an update in regard to their Business Interruption Insurance policies:
Business Interruption Insurance and COVID-1
Other COVID-19 updates
ActSmart are providing regular email updates on the latest information and advice tailored for retail businesses.
To read the full list of updates visit the ActSmart website here.
Press conference highlights
Highlights from Friday's press conference with the Prime Minister and Chancellor Rishi Sunak are included below. Further details of the measures below are due to be published by the Government shortly.
The PM announced that he is telling cafes, pubs, bars and restaurants to close tonight as soon as they reasonably can and not to open from Saturday 21st March. They can however continue to provide takeaway services to customers. Nightclubs, gyms, cinemas and leisure centres are also advised to close.
Chancellor Rishi Sunak announced a package of measures aimed at helping workers, including:
- Coronavirus job retention scheme: The government is going to help to pay people's wages through a Coronavirus job retention scheme. Any employer will be eligible for the scheme, and will be able to apply for a grant to cover 80% of the salary of retained workers up to £2,500 per month. Workers in any part of the UK can retain their job even if their employer cannot afford to pay them. The scheme will be open for an initial three month period, with no limit to the amount of funding available for the scheme.
- Extension of the interest free period on loans: The Coronavirus business loan interruption scheme will be interest free for 12 months (previously 6 months). Those loans will be available from Monday.
- Deferring the next quarter of VAT payments for businesses: No business will pay VAT from now until the end of June. Businesses will have until the end of the year to pay those bills.
- Strengthening the safety net: Universal credit allowance will be increased by £1000 over the next 12 months. Working tax credit will also be increased by £1000 over the same period.
- Supporting the self-employed: The Government is suspending the minimum income floor for anyone affected by coronavirus. The next self-assessment payments will also be deferred to January 2021.
- Raising awareness: There will be a national advertising campaign launching in the coming days to highlight support for businesses.
- Rental support: £1bn support for renters, local housing allowance will now cover 30% of renting costs