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.