Coronavirus SSP Rebate Scheme Launching

The Government has announced that the online service for the Coronavirus Statutory Sick Pay Rebate Scheme will be launched next Tuesday 26 May 2020. This will allow small and medium‐sized employers, with fewer than 250 employees, to apply to HMRC to recover the costs of paying coronavirus‐related SSP to current or former employees for up to two weeks since 13 March 2020. To prepare to submit a claim, employers should make sure they have up to date records of all SSP payments that they wish to include.

From 26 May 2020, large businesses will be able to borrow up to £200 million through the Coronavirus Large Business Interruption Loan Scheme (CLBILS), after the Government increased the maximum loan size from £50 million. Companies borrowing more than £50 million will be subject to restrictions on dividend payments, senior pay and share buy‐backs during the period of the loan, including a ban on dividend payments and cash bonuses, except where they were previously agreed.