CII explains financial support available to members

The guide details the full list of financial support being made available by government, as well as how to access the different support schemes, advice on how to apply for support, and a breakdown of the eligibility criteria for applicants.

Guidance for businesses seeking support via deferring VAT and income tax payments, employers paying sick pay to employees, firms planning to access the Coronavirus Job Retention Scheme and larger firms seeking the COVID-19 Corporate Financing Facility is offered. There is also an explanation of the new Self-Employed Income Support Scheme (SEISS).

The guide also includes an extensive list of useful government and third-party links to provide information for firms facing financial hardship caused by the measures which have been made necessary by the pandemic.

Sian Fisher, CEO of the Chartered Insurance Institute, said: “While the ready willingness of businesses to prioritise public health is admirable, putting a full stop on business-as-usual could in itself have drastic and long-lasting consequences for the UK economy, as well as each individual business, and every single worker, too.

“It is welcome news that the government has taken action to protect the UK’s businesses during an economic crisis the likes of which have never been seen before. We at the CII encourage all of our members to review this document to see what support is available during these unprecedented times.”

For more information, and to read the guide, please visit: https://www.cii.co.uk/news-insight/coronavirus-hub/articles/government-covid-19-support-packages-for-businesses/91347