Corporate Governance and Insolvency Bill – on Wednesday 20 May the UK Government introduced the Corporate Governance and Insolvency Bill in Parliament, putting in place a series of measures to amend insolvency and company law to support businesses in addressing the challenges resulting from the impact of Covid-19.
Statutory Sick Pay (SSP) Rebate Scheme – HMRC have updated their guidance on the SSP Rebate Scheme to reflect that employers can now claim for employees who are self-isolating because they have been notified by the NHS or public health bodies that they have come into contact with someone with coronavirus. This relief reflects the implementation of the NHS Test and Trace scheme.
Mortgage Holidays – HM Treasury in conjunction with regulators have agreed to extend the mortgage holiday by a further three months to 30 September 2020. The original relief was due to expire at the end of this month and there were concerns that it was too soon to create such a cliff edge for a much availed of concession.
Coronavirus Business Interruption Loan Scheme (CBILS) – this scheme is still fully operational and is due to last until 30 September 2020. It is important to be aware that you may not have both a BBL and CBILS loan at the same time although one may replace the other. Another relevant point is that the CBILS facility will terminate earlier as the BBL is due to last until 4 November 2020.