Government sets out measures to support businesses

The Chancellor has 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.

This includes a package of measures to support businesses including:

  • 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; and
  • the HMRC Time To Pay Scheme.

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