Support for Business

The Government have set out 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, leisure and nursery 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
the HMRC Time To Pay Scheme

A dedicated portal for business has also been launched and is available here. This sets out how to access the support that has been made available, who is eligible, when the schemes open and how to apply.

Further measures to support the self-employed have also been announced, including a Self-Employed Income Support Scheme. Details will be available shortly.

Details of measure and policy changes affected business are available below.

Information for businesses