Financial support measures expanded to help businesses through coronavirus pandemic

The States of Guernsey have today issued a new media release advising the package of financial support measures, introduced in March, is being expanded to provide greater levels of assistance to businesses.

The media release can be found here www.gov.gg/cofundingupdate 

The new measures recognise that some businesses are not trading at all, or very little, and are struggling to pay even 20% of the minimum wage to their staff in order to secure the 80% available through the Payroll co-funding scheme.  

The Policy & Resources Committee has agreed that from Monday 4th May:

  • Businesses that see turnover reduce to below 40% of normal levels will be able to apply for up to 100% of minimum wage for employees through the Payroll Co-funding Scheme. This upper threshold will be extended to 50% for those businesses most in need and able to demonstrate that support is still necessary.
  • Businesses with turnover in excess of 40% and up to at least 70% of normal levels will continue to be able to apply for up to 80% of minimum wage for employees. Again, this upper threshold will be extended to 80% of normal turnover for those businesses most in need. Businesses that see their turnover improve to above 70% (or 80% in some cases), will continue to be able to continue receiving this support for two further weeks after turnover reaches that level. These businesses will still need to contribute the remaining 20% to their employees’ wages. 
  • This scheme, which began on the 16th March is being extended beyond the original 13 week period, to the 30th June.

We continue to recommend the small business Facebook group as a useful resource, and there is a group of local accountants helping on there and offering support.

As we always say – if you have any questions please contact us we are here to help.  So if you need any help with a claim, a loan application, or anything else accounts related, please contact us.  If you have submitted a claim and still not heard – we do now recommend you call the Business Support team on 743803 to check on the progress.