posted on 31 March 2020, updated on 25 March 2020
The UK government has introduced a package of temporary, timely and targeted measures to support businesses throughout the period of disruption caused by COVID-19.
The measures include:
- a Coronavirus Job Retention Scheme to help employers make a claim to cover wages for employees on temporary leave due to COVID-19
- deferring VAT and income tax payments
- a Statutory Sick Pay relief package for small and medium sized businesses (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 £5m 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.
All UK businesses are eligible. For full details please visit the GOV.UK website.