COVID-19 (Coronavirus) - Business Support
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:
- Job Retention Scheme (HMRC will reimburse 80% of furloughed workers wage costs)
- Deferring VAT payments
- Deferring Income Tax payments
- Business Tax – Time to Pay Scheme
- Statutory Sick Pay relief package for SMEs
- Business rates holiday for 12 months for all retail, hospitality and leisure businesses in England
- 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
- Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- Bank of England lending facility to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- Increase to Working Tax Credits
- Universal Credit
- Mortgage Holiday for 3 months.
- Insurance Cover
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