The Financial Strain of the Coronavirus…

I hope that you all are doing OK? And staying safe, and my prayers are with all the people that are suffering and may have lost a loved one. I’ve not seen my parents for two full weeks now, the door to their house is locked, as they look after my granny of 93 which would be a big bonus for the virus- yet we are going to fight this virus to the core, and just not allow it to touch her (God willing). So although I haven’t seen them all I know that they are staying safe, and staying indoors for the for-see able future.

Not only has this pandemic affected us mentally because we feel so helpless and have a lot of anxiety for friends and family around us whom we can do nothing for, it has also put people in a financial strain.

It has really affected everyone, regardless of your income in different ways. Working in a utilities environment before the saga Evan became big, I was talking to my customers who were contemplating closing their businesses, these are small businesses who barely make ends meet, and they are stuck in giving up their dreams. Self-employed who do not get sick-pay are stuck, key workers who get paid very little in the first place are having to go out there and face the risks involved, but have to work to support the country. Low income workers who generally cannot stop working because they can’t afford life.

Also people who are working from home have their own challenges, having the kids at home, trying to home school and keep them busy whilst doing their own work, the added mouths to feed daily, three times a day and in between. The energy bill increasing whilst being at home, the extra food that is needed although the ‘prices’ have doubled…… (Breaths out) it’s all overwhelming. This virus is out for us all, regardless of income, age, sex, religion or colour. We are all in the same boat.

Now that I’ve gone through the bad part- i’ll focus on the positive. This post is not to talk about how bad we have it, this post is to help you and provide you with the information you need in order to get through this, and there is a lot of help and support out there,

Home Owners

Most mortgage lenders are providing a 3 month payment holiday (do check with your mortgage provider). I just need to advise that this is a payment holiday, the bank does not pay for you- once your payment starts up again it will continue with the normal interest payment you initially agreed. So if you are a home owner and are struggling this may help you for a couple of months. Have a quick check online or call up the bank.

Help for Renters

There is a clause to be put into place for renters alike- that they will be protected from eviction for 3 months. Do speak to your landlord and keep communication open between the both of you. Do also keep in mind that this is a payment holiday and you will be asked to pay in full once situations change. Like with Home owners it doesn’t mean that you will not need to pay. The money will still be owed.

Here is a webby for more information: https://www.homesandproperty.co.uk/property-news/renting/renters-eviction-laws-coronavirus-covid19-a137476.html

Help for Businesses

The ‘Job retention Scheme’ has been put into place for business owners, which enables small businesses to keep staff on in these precedent times, HMRC will reimburse 80% of wages up to £2500 per month per person, to avoid people being made redundant. This is for 3 months initially, but depending on how things go may be extended.

Self Employed

The Self-employment Income Support Scheme (SEISS) will support the self-employed who have lost income due to the Covid-19. The grant will allow you to claim a taxable 80% of your profits (maximum £2500) for 3 months. Once again this may be extended if necessary.

The government has also advised that it will delay the next set of self-assessment tax payments to January 2021, allowing people more time to pay tax bill

There is a lot of information on this webby for all self employed: https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=24-Mar-20-50599068-805&utm_campaign=nt-hiya&utm_content=6#selfassesment

Sick Pay for Employees

Employees off sick with Covid-19 are eligible for 2 weeks statutory sick pay (SSP). Employers can claim for this and will need Employees to get an isolation note from NHS 111

There is a lot more information for nursery businesses, retail, hospitality and leisure businesses plus more available here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Citizen Advice Bureau

I have attached the citizen’s advice bureau webby here https://www.citizensadvice.org.uk/about-us/contact-us/contact-us/contact-us/

If you would like to know more about your rights, how to go about getting the help needed or applying for the help and what further can be offered to you in these precedent times.

This is a tough time for a lot of us, but remember your mental health is the main factor in whether you get through this period. Don’t get too overwhelmed with the changes that have been thrown to us overnight. In all honesty Boris J really has done a lot for his people. Im impressed. Might be changing parties if it continues this way (*sorry pops*)

Just remember guys, fortunately we have homes and we have roofs over our head and we have food in our fridges. We are already doing well.

Hopefully the plan for the next blog is to keep you updated on a lot of free resources that are available on the internet for the bored kiddos!

Hope that you all are keeping safe, staying indoors and washing those hands!

Love and regards

M11bna

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m11bna

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