COVID-19 Support for Business
On 18 March 2020 The Chancellor 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 initial package included measures to support businesses including:
- a Job Retention Scheme to support the salary costs of employees placed on ‘Furlough’
- 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 to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance
- the HMRC Time To Pay Scheme
The Chancellor has subsequently made a series of further announcements of additional support and updates to these schemes, including two extensions to the Job Retention Scheme and additional targeted small business loans and grants.
Stay in touch with all the latest announcements on the Job Retention Scheme and other support provided by the Government by visiting our dedicated Covid-19 page here