The government has produced a guidance document and compliance advice for businesses that are asked to close as part of further social distancing measures, including information on financial and business support. Before the end of April, all businesses will be eligible for grants from the Coronavirus Job Retention Scheme to cover a portion of workers’ salaries if a business has to furlough them as a result of the coronavirus situation.
The government will pay up to 80% of furloughed employees’ salaries, and employer National Insurance and pension contributions (up to £2,500 per month) as a grant. The pay will be backdated to 1 March 2020 and is expected to apply to employees made redundant because of coronavirus, who’ll eventually return to work, as well. The scheme will run for a maximum of three months and employees cannot work during that period. Read more about the financial support available to businesses.
Closing your business brings more than just financial challenges. When you’ve invested so much in your business – and your customers – closing your doors can be a big knock to momentum and your wellbeing. But you can try to stay connected with your customers, staff and business network through digital tools and social media.
There may be an alternative way to continue delivering your product or service to customers digitally, but if there isn’t, social media lets you stay in touch. You could even use the temporary closure to hone your skills, for example, by doing online courses. Barclays Eagle Labs has a host of content and resources to help you take care of yourself on its support hub.