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Stephen Hill Partnership Blog

COVID-19: support for businesses

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:
– 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
Please click on the link below for further information:

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