COVID-19 support package for business announced
19th March 2020
The Chancellor has announced a £330 billion package of support measures to ensure the impact of COVID-19 on business is minimised. The measures are in addition to those announced in the Budget and include:
- A local authority cash grant of £10,000 for businesses that are currently eligible for Small Business Rate Relief or Rural Rate Relief, to help meet their ongoing business costs.
- Grants of £25,000 to retail, hospitality and leisure businesses operating from smaller premises with a rateable value over £15,000 and below £51,000.
- Employers will be refunded by the Government for the cost of providing 14 days’ statutory sick pay for employees who need to self-isolate.
- A Coronavirus Business Interruption Loan scheme that will provide loans of up to £5 million to support and protect small businesses. The first 6 months of the loan will be interest-free. The scheme will temporarily replace the Enterprise Finance Guarantee (EFG) scheme.
- A dedicated HMRC COVID-19 helpline to allow businesses and self-employed people who are in financial distress and have outstanding tax liabilities to receive support with their tax affairs.