The Chancellor has announced further measures to help business and employers through this period of disruption caused by COVID-19. This includes:
- A new coronavirus Job Retention Scheme to help any employer in the country to cover most of the wages of employees who aren’t working but are being kept on payroll. This will be a grant to cover payment of 80% of wages, up to £2,500 a month. This will apply to as many jobs as necessary and will be backdated to 1 March with the scheme staying open for at least three months.
- An increase Local Housing Allowance (LHA) to 30% of market rent.
- The Coronavirus Business Intervention Fund will be interest-free for 12 months.
- Deferring the next quarter of VAT. Businesses VAT bills will not have to be paid until the end of the financial year.
The Chancellor’s statement can be found at GOV.UK
Updated guidance for employers, businesses and employees is available at:
Commenting on these measures, Isobel Thomson, Chief Executive, safeagent:
“Letting agents will breathe a sigh of relief at this news. Many were facing losing loyal staff exactly at the time when they are needed the most. Agents will be pivotal in supporting tenants and landlords through this national emergency.
“Meanwhile, the £1bn of support for renters by increasing Local Housing Allowance to cover at least 30% of market rents is a huge boost. It demonstrates an understanding of the pressure tenants may be facing as a result of Coronavirus. We hope Government will look at making this a permanent measure to support more tenants long after this outbreak is over.”