Government Support For Businesses
On Friday 21st 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 £5million 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, stay strong and remember, you can contact Kate, Sarah and Andrew at any time for assistance.