Chancellor sets out a package of measures to support businesses throughout period of disruption caused by COVID-19

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.

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