The following measures have been introduced to support small businesses. See the full details of who’s eligible and how to access support on the UK Government’s website. (control click will open the links)
- Coronavirus Job Retention Scheme all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary.
- deferring VAT and Income Tax payments VAT payments suspended for 3 months and Income Tax payments until January 2021.
- Statutory Sick Pay relief package for small and medium sized businesses (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 and grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- 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
- a HMRC’s Time To Pay Scheme arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.