As we have been reporting elsewhere on this website, during the course of the past week the Chancellor of the Exchequer has set out a package of temporary measures to support UK businesses through the current period of disruption caused by COVID-19.
Those measures include:
- 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 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
- 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
Updated guidance in relation to these measures entitled “COVID-19: support for businesses” has now been published online. You can also download it below.
You can also access online the following further updated government guidance: