A full range of business support measures have been made available to UK businesses and employees by the Government in response to the Covid-19 epidemic.
On 17th March, the Chancellor announced unprecedented support for business and workers to support the economy and businesses large and small. The package of government-backed and guaranteed loans to support businesses, making available an initial £330bn of guarantees. That support will be delivered through two main schemes:
• To support liquidity amongst larger firms, a new lending facility with the Governor of the Bank of England to provide low cost, commercial paper.
• To support lending to small and medium sized businesses, extending the new Business Interruption Loan Scheme announced at the Budget.
The Chancellor also announced tax cuts of nearly £20bn for British businesses. The package of measures to support businesses include:
- A Coronavirus Job Retention Scheme
- 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 £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
For full details of the above measures please visit https://www.businesssupport.gov.uk/coronavirus-business-support/
We are still awaiting for more directive and guidance to be sent to us on the implementation of these measures and we will endeavour to keep our local businesses updated as and when we have more information.
In the meantime if you have any specific enquiries on how your business is impacted and what support is available please contact (01429) 266522 or email firstname.lastname@example.org