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Quick summary: all Government coronavirus aid for businesses

Bank of England, London. Photo by Robert Bye on Unsplash

Information last updated at 15:00, 23 March 2020

On Thursday 19 March, the UK Government announced a £330bn package of support for businesses, equivalent to 15% of UK GDP. This comes on top of £30bn for businesses the Chancellor announced during the March 2020 Budget

This support includes these measures for small businesses:

  1. Grants of £10,000 for small businesses
    For all businesses who get small business rate relief or rural rate relief
  2. Grants of £10,00 or £25,000 for retail, hospitality and leisure businesses
    For businesses in these sectors with property which has a rateable value between £15,000 and £51,000
  3. Statutory Sick Pay relief for SMEs
    To allow employers to reclaim Statutory Sick Pay (SSP) they pay for sickness absence due to Covid-19. To be eligible, your business must have had fewer than 250 employees on 28 February 2020
  4. 12-month business rates holiday for retail, hospitality and leisure
    For businesses in these sectors and based in England
  5. Coronavirus Business Interruption Loan Scheme
    This Scheme offers loans of up to £5 million for SMEs through the British Business Bank
  6. New lending facility from the Bank of England
    To support liquidity among larger firms. The loans are to tide companies over if their cash flow is disrupted due to coronavirus.
  7. HMRC Time To Pay Scheme
    For businesses and self-employed in financial distress, and owing money to HMRC. These businesses and individuals might be eligible for support, for example a longer time to repay what they owe. 

We add more posts here on our blog as we get more information about these measures.

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Suzanne Worthington

Senior Writer

Tide Team

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