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Government measures to help businesses through the coronavirus outbreak
The Government has set out a package of temporary measures to help small and medium sized businesses through the disruption caused by COVID-19.
The package to support businesses includes:
- Statutory sick pay relief for SMEs. The Government is bringing forward legislation to ensure that employers with fewer than 250 employees are refunded for up to two weeks of statutory sick pay per eligible employee who has been off because of COVID-19.
- Business Rate Relief for small businesses and pubs. The Business Rats retail discount in England will be increased to 100 per cent for the 2020 to 2021 tax year for properties below £51,000 rateable value, and expanded to leisure and hospitality businesses.
- £3,000 one-off grant for small businesses that pay little or no business rates. Small business grant funding of £3,000 for all businesses in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief, available via local authorities.
- A Coronavirus Business Interruption Loan Scheme. A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch in a matter of weeks to long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance.
- HMRC Time To Pay Scheme. All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
Full details of the package can be found by clicking here.