A full range of business support measures have been made available to UK businesses and employees by the Government in response to the Covid-19 epidemic.
On 17th March, the Chancellor announced unprecedented support for business and workers to support the economy and businesses large and small. The package of government-backed and guaranteed loans to support businesses, making available an initial £330bn of guarantees.
That support will be delivered through two main schemes:
- To support liquidity amongst larger firms, a new lending facility with the Governor of the Bank of England to provide low cost, commercial paper.
- To support lending to small and medium sized businesses, extending the new Business Interruption Loan Scheme announced at the Budget.
The Chancellor also announces tax cuts of nearly £20bn for British businesses. The package of measures to support businesses include:
- A Coronavirus Job Retention Scheme
- Deferring VAT and Income Tax payments
- 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
- The Self-employment Income Support Scheme (SEISS)
A detailed guide to the various business support that is available can be accessed here
Further details of the Government support measures can be viewed at https://www.businesssupport.gov.uk/coronavirus-business-support/
For all enquiries on how your business is impacted and what support is available please contact the Business Support Team at Hartlepool Council on (01429) 867677 or email email@example.com.