Chancellor announces additional measures to help businesses and the self-employed impacted by COVID-19

Here is the latest update, if you need to utilise the business loan you will need to contact you bank directly

On the evening of Friday 20 March, the Chancellor of the Exchequer Rishi Sunak announced additional measures to help smaller businesses and the self-employed affected by COVID-19. The Government also has said it will announce further measures to support self-employed people over the coming days.

The new measures announced on 20 March are:

  • Suspension of the minimum income floor for the self-employed: self-employed people can now access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees
  • Taxes – next self-assessment payments deferred to Jan 2021 for the self employed
  • The introduction of a new job retention scheme will cover up to 80 per cent of wage costs (details to be confirmed) backdated to 1 March for a period of three months or longer, if needed, for small businesses, charities and not for profit organisations. Grants due to be available to business within weeks.
  • The business loans that were previously announced will be available from Monday 23 March and will now be interest free for 12 months (was 6 months)
  • Deferring the next quarter of VAT through to the end of June (those payments can now be paid at the end of the financial year)
  • Universal Credit – standard allowance to rise over the next 12 months by £1,000

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