Government subsidies in more detail
I attended a Webinar this morning (23rd March) hosted by the CBI and the FSB who have been helping the Government develop the details around all the Government‘s huge package of subsidies & loan guarantees & grants they announced last week.
Below is Maidstone Borough Council’s plans (delegated by the Treasury) and how they intend to manage the Government’s subsidies / loans for Kentish companies:
1. There is a special package of immediate cash for many companies in the Retail / Hospitality / Leisure industries, who are eligible for the new Business Interruption Scheme.
2. A £20k cash grant is being made available to self-employed contractors next week
3. For most, if not all, companies (of any size) who want to reduce their staff - either Part time or Full time - the Government will pay 80% of their normal salary If they are “Furloughed” or temporarily laid off. These staff being paid by the Government will not be allowed to do any work at home for their employer.
4. It seems any UK company will be allowed to HMRC’s existing scheme, to defer paying their Q1 VAT bill and any quarterly VAT bill this year to next year (at least).
5. There are many more details yet to be announced, application forms developed, but clearly a lot of these measures are specified to minimise the chance of Fraud and not to create paperwork & red tape.
6. Finally, for the 5 million UK self-employed Contractors there is no more details on what scheme will be available to them, yet.
Below is an example of the work Treasury have delegated to Borough Councils around the UK, to facilitate many of the Government loans & grants, more locally and quickly:
I will keep adding to this Blog as more detail is made available