COVID-19 – Emergency support for businesses
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COVID-19 – Emergency support for businesses
Government sets out measures to provide emergency support for businesses due to COVID-19
The Government has set out a number of measures to provide emergency support for businesses due to the disruption caused by COVID-19. These measures include:
- 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 businesses 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
If you have any issues as a result of the Coronavirus and would like advice please visit our page “Coronavirus – Legal advice and guidance” in the first instance and if your query is not covered there please do contact a Paris Smith lawyer and we will try and answer your query or point you in the right direction.