Mansfield MP hails 'extraordinary' government response to coronavirus crisis
From paying businesses wages, to deferring tax and mortgage repayments, the measures announced by the Chancellor were nothing sort of extraordinary.
This economic response has broadly been to try and keep businesses afloat during this tough period, then to be able to hit the ground running once we’ve have beaten this virus.
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Hide AdThe government wants to ensure that businesses don’t need to lay off workers, to the extent that it will directly pay wages.
It also means those workers who will not be in work for the next 12 weeks will still be able to afford to pay rent and put food on the table.
For employees, the majority of the measures outlined by the government will be accessible through your employer.
The headline measure is the government has agreed to pay 80 per cent of the salary of retained workers through its coronavirus retention scheme.
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Hide AdAll employers will be eligible for the scheme which will be backdated to March 1 and will be open for an initial three months.
To access this money, your employer must submit information to HMRC through a new online portal.
With regards to businesses, the government has created the coronavirus business interruption loan scheme which will help primarily small and medium-sized businesses access bank lending and overdrafts.
The scheme will support loans of up to £5 million and can be accessed through the British Business Bank.
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Hide AdWe have also introduced a business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year which will automatically apply to your next council tax bill.
If you are self-employed, you are eligible to apply for universal credit, no matter your previous income.
Deferral of self-assessment tax requirements and payment holidays for mortgage payers will also benefit you.
The best way to keep up with the latest support and guidance is at www.gov.uk/coronavirus.
My office is here to help on 01623 372016 or by emailing [email protected].
Ben Bradley is MP for Mansfield.