A broad range of measures that will benefit nearly all businesses in the UK
Small Business Grant Fund – the smallest UK businesses that pay little or no business rates, as a result of having a low rateable value, will be eligible to receive a government grant of £10,000 under the Small Business Grant Fund. Small businesses in the retail, leisure and hospitality have access to additional grants. These will be paid to businesses in England that receive the expanded Retail Discount and that have a rateable value of less than £51,000.
HMRC Time to Pay Scheme – You have the ability to defer Self Assessment tax and VAT payments.
Help with employee costs – the government will cover up to 80 per cent of the wages of each employee that is unable to work as a result of the Coronavirus situation.
Bounce Back Loans – interest-free loans (for the 1st year, 2.5 per cent after that) of up £50,000 or 25 per cent of turnover for small businesses who have been adversely affected by COVID-19.
A Sick Pay rebate scheme (CSSPRS) allows costs of 14 days of statutory sick pay per employee to be reclaimed.
The Coronavirus Business Interruption Loan Scheme is intended to help small and medium sized businesses in the UK to access loans of up to £5m, by offering security for 80 per cent of the value of these loans through the government-owned British Business Bank.
The government has announced that a new Future Fund will be created very soon to support high-growth, innovative companies that have been affected by COVID-19 and unable to take advantage of the the other support programmes including CBILS.