18 March 2020

The NHBF is closely monitoring the developing coronavirus situation and doing all we can to support our Members.

The chancellor Rishi Sunak has just announced a financial package to help businesses through the crisis. This includes:

  • A temporary Coronavirus Business Interruption Loan Scheme to support businesses who need loans and overdrafts. This should launch within the next few weeks.
  • A year-long holiday from paying business rates for all businesses in retail, leisure and hospitality.
  • A one-off grant of £10,000 to businesses currently eligible for Small Business Rate Relief (SBRR) or Rural Rate Relief to help meet their ongoing business costs. The government says that your local authority will contact you about this. Local authorities will receive the funding in early April.
  • A cash grant of up to £25,000 for smaller businesses. We do not yet have detailed information about this announcement.
  • Small and medium-sized businesses with under 250 employees will be able to reclaim up to two weeks of Statutory Sick Pay paid for sick leave due to coronavirus. Employers must keep records but employees will not need to provide ‘fit’ (sick) notes. This will come into force the day after the relevant legislation is passed – we do not yet know the exact date when this will happen.
  • It is expected that a bill will be passed later today to ensure that Statutory Sick Pay can be paid from day one (it is usually paid from day four), backdated to 13 March (inclusive). We do not yet have detailed information about this measure.

The government says these measures are the ‘first phase’ of its response and are in addition to the help announced for small businesses in the recent Budget.

Insurance

Check with your insurance provider to see if you are covered for business interruption. Unfortunately, many policies exclude pandemics. Even those that include pandemics will only cover damage to buildings.

Specific ‘supply chain’ or ‘denial of access’ cover may enable you to claim for other losses.

Help with tax payments

If you are having difficulty paying your tax at this time, you may be able to get support via HMRC’s Time To Pay service. Call the dedicated helpline on 0800 0159 559.

See all updates

More information and resources from the NHBF

  • Members can call our membership team on 01234 831965.
  • Please follow the links in this NHBF blog post for the latest official government and NHS advice.
  • Download a poster about the coronavirus to display in your salon or barbershop. This poster advises clients with symptoms to stay away.