As you may have been aware the UK Government has been announcing policies and financial aid packages every day, to help small businesses through this tough and uncertain period.

New measures such as business rates relief, loans and grants to help cover businesses and sick pay cover for up to two weeks have been implemented. Please see below for a bullet point outline of what has been announced.

1. A statutory sick pay relief package for SMEs
2. A 12-month business rates holiday for all retail, hospitality and leisure businesses in England
3. Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
4. Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
5. The Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance
6. The HMRC Time To Pay Scheme

There have also been announcements about businesses looking to make claims from their insurance companies.

Businesses that have cover for both pandemics and government-ordered closure should be covered, as the government and insurance industry confirmed on 17 March 2020 that advice to avoid pubs, theatres etc is sufficient to make a claim.

Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers. Most businesses are unlikely to be covered, as standard business interruption insurance policies are dependent on damage to property and will exclude pandemics.