The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes a package of measures to support businesses including:
• a 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, leisure and nursery 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
• the HMRC Time To Pay Scheme
The link below gives more detail about the eligibility and how to access each scheme.
There is also a link detailing support for employees.
The Government are currently creating support plans on a daily basis. A lot of the support that may be accessible to you will not have all the processes or applications in place at the time they announce it.
A lot of this is news to us at the same time as it is news to you. Therefore please be patient with us as we join the many other businesses also looking to ask the same questions.
We are keeping our website up to date with the latest information.