by BFFF
Mar 26th, 2020
3 mins

Updated 02/04/2020 – The Chancellor set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19 AND today high streets begin to receive £22 billion coronavirus boost, with grants of up to £25,000 already being paid into bank accounts of high street businesses.

https://www.gov.uk/government/high-street-benefits-from-22-billion-grants-and-business-rates-package

The measures to support businesses 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 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

For further information on support for businesses see https://www.businesssupport.gov.uk/coronavirus-business-support/

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