The Chancellor has set out a package of measures to support businesses during the disruption caused by COVID-19.
The package includes:
- 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 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. Further detail on how to apply can be found here.
- Coronavirus Large Business Interruption Loan Scheme (CLBILS) will provide a government guarantee of 80% to enable banks to make loans of up to £25 million to firms with an annual turnover of between £45 million and £500 million
- 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 Bank of England has also cut the Bank Rate to 0.1%. It has taken further measures to help ensure that this rate reduction will translate through to the real economy and that capital will be available for new lending.
No business will be forced out of their premises if they miss a rent payment in the next three months. Further information about this can be found here.
The Government has provided financial support in the form of grant funding designed to help smaller businesses which is being administered through Local Authorities:
- West Suffolk Council: https://www.westsuffolk.gov.uk/coronavirus/covid-19-support-for-business.cfm
- Mid Suffolk District Council: https://www.midsuffolk.gov.uk/features/support-available-for-businesses-in-babergh-and-mid-suffolk/
- You can also look at Mid Anglia Growth Hub: https://www.newangliagrowthhub.co.uk/ and get telephone support from their advisors who have a huge amount of information and telephone support for businesses.
The guidance on support available for businesses published by the Department for Business, Energy and Industrial Strategy can be found here.
Further information for businesses can be found at: