The Chancellor has set out a package of temporary, timely and targeted measures to protect small businesses through these difficult times as part of the national effort in response to coronavirus, including:
- a Coronavirus Job Retention Scheme
- deferring VAT and Income Tax payments
- a Statutory Sick Pay relief package for small and medium-sized businesses (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, with no interest for 12 months.
The Government has also announced measures to help people with the cost of living during this unprecedented time. Self-employed people can benefit from a three-month mortgage holiday, deferring the next three months of VAT tax, deferring income tax self-assessment payments due in July 2020, alongside further measures to protect renters and to help people with their energy bills.
As you can appreciate, this is a fast-moving situation. I would strongly advise you to check the Government website, at gov.uk/coronavirus, for the very latest guidance and support.