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COVID-19 Support for Business

18th March, 2020

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.