Government Assistance for Small Businesses Update

Government Assistance for Small Businesses Update

Relevant Government Financial Assistance for Small Businesses 

  • a Coronavirus Job Retention Scheme for 3 months from 1st March
  • deferring VAT and Self-Assessment payments for 3 months
  • a Self-employment Income Support Scheme
  • a 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
  • 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

To read the full report on all the concessions and details on how to apply for them click here