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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:
 
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

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