Quick summary: all Government coronavirus aid for businesses
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:
- Grants of £10,000 for small businesses
For all businesses who get small business rate relief or rural rate relief
- 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
- 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
- 12-month business rates holiday for retail, hospitality and leisure
For businesses in these sectors and based in England
- Coronavirus Business Interruption Loan Scheme
This Scheme offers loans of up to £5 million for SMEs through the British Business Bank
- 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.
- 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.