Desley Sherwin, Senior Associate at Roythornes Solicitors
Desley Sherwin, Senior Associate at Roythornes Solicitors, said: “Last Friday evening (20 March) the Chancellor has announced “unprecedented” economic measures to protect businesses and workers.
“The government has announced the following measures that will give many people reassurance in this uncertain time:
- The government will set up a ‘job retention scheme’ to pay up to 80% of wages for those employees who are not working, paying up to £2,500 per month backdated to 1 March 2020, as an alternative to them losing their jobs
- Additionally, business interruption loans will now be interest free for 12 months, not six months, and will be available from Monday (23 March 2020)
- Next quarter’s VAT bill payment will be deferred until June; self-assessment is also being deferred
- The self-employed will now be able to access universal credit at the same level as Statutory Sick Pay (SSP). Universal credit and housing credit payments will also increase
“Thousands of people, who surely expected to be plunged into unemployment and financial difficulty, have just been thrown a lifeline by these measures.”
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For the latest government advice on coronavirus, please visit: https://www.gov.uk/guidance/coronavirus-covid-19-information-for-the-public.
