Posted on 23rd March 2020 at 10:49
GOVERNMENT SUPPORT FOR BUSINESSES
On Friday 20th March 2020 the Chancellor set out a package of measures to support public services, people and businesses through the period of disruption caused by COVID-19.
The package of measures to support businesses includes:
• Coronavirus Job Retention Scheme
• Deferring VAT and Income Tax payments
• A Statutory Sick Pay relief package for SMEs
• A 12-month business rates holiday for all retail, hospitality and leisure businesses in England
• Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
• Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
• The Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
• A new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
• HMRC Time To Pay Scheme
We will keep you informed about the details of each of these packages and how to apply. Be safe and stay strong!