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fridgeman Posted on 24/03/2020 20:04
Edited On: 24/03/2020 20:08Government help
 
There might be somebody who could answer this for me, I am the director of a small company, we get by but have never really done well so as such the company and my own finances will last a few weeks, possibly a month or two, I have two employees who I can put into the governments 80% support scheme for their wages
But ( government guidelines) -


Electrical Retail Premises are required to close with immediate effect.

Thats my business, so I have no work, my employees will get at least 80% of their wages but my understanding is because I am a director ( employed paye) I will have no entitlements £0 and I cant go to work.

This is what I am being told, the reality for me is I run a small business and have had to pay myself a low salary to keep the business viable, that salary helps pay the bills with my wifes but now it looks like disappearing and we genuinely dont know how we will manage.

Does anybody know ant different?

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richb Posted on 24/03/2020 21:15

Government help
Would your wages not be covered if you are paid as employed PAYE? If you are salaried then surely that would cover you even though you are a director.

If not:

Do you have any business insurance which may pay loss of earnings in this case?

I do also believe there are grants available which you may qualify for and may help you cover your income.

As a last resort I believe they are offering unlimited loans to businesses at low interest rates. I would hope you wouldn't have to go down this route, but if it would be viable for you to pay them back once all work starts up again it could be an option.

I'm sure there must be something available. Worst comes to the worst, you may be eligable for Universal Credit and I believe the recent changes may leave you with more than you'd expect.

I hope one of those, or something I've missed (the gov.uk website is very confusing about this, probably because it's all happened so quickly) is able to ensure you get an income during this time.
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fridgeman Posted on 25/03/2020 03:36

Government help
No because I am the owner/ director I am able to furlough my workers but not myself, its been so hard the last five years to compete with internet traders that we are literally just paying the bills so a loan of any sort would be very difficult to pay back and the eligibility for the £10,000 grant is in the balance.

Possibly u/c but from leaving school at 16 I have never claimed a thing, its a bitter pill to swallow but it might be the only thing to keep a roof over my head.
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etmfc Posted on 25/03/2020 13:33

Government help
Ask your MP they may have or get an answer for you . People can't get through to the DWP due to high demand. Good luck.
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