GOVERNMENT SUPPORT FOR BUSINESSES & INDIVIDUALS
On Friday 21st March 2020 (updated on the 26th 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 & individuals includes:
- Support for Self-Employed through the Self-Employment Income Support Scheme
- 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
For more information click on the sections below.