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Coronavirus: Financial support for businesses

March 23, 2020

 

The government has announced a number of measures to help businesses through these difficult times.

 

Businesses should speak to their accountants but in summary:

  • 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

For more information and to keep up to date:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-the-coronavirus-job-retention-scheme

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