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.
The Bank of England has temporarily reduced the Bank Rate to 0.1%. It has taken further measures to help ensure that this rate reduction will translate through to the real economy and that capital will be available for new lending. As the virus progresses, and its impact understood, further updates will be provided.
The package includes measures to support businesses including:
- a Job Retention Scheme
- a Self-Employed Income Support Scheme
- Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
- deferring VAT and Income Tax payments
- a Statutory Sick Pay relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality and leisure 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
- 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
The package of support is available at https://www.businesssupport.gov.uk/
Detailed information is provided in this guide, which will be updated as new measures are introduced.
The guide includes the following information:
- Support for businesses through the Coronavirus Job Retention Scheme
- Support for businesses through deferring VAT and Income Tax payments
- Support for businesses who are paying sick pay to employees
- Support for businesses that pay business rates
- Support for businesses that pay little or no business rates
- Support for businesses through the Coronavirus Business Interruption Loan Scheme
- Support for larger firms through the COVID-19 Corporate Financing Facility
- Support for businesses paying tax: Time to Pay service