The Chancellor’s help package to businesses

Posted: March 19, 2020

The Chancellor has 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.

This includes a package of measures to support businesses including:

A statutory sick pay relief package for SMEs

A 12-month business rates holiday for all retail, hospitality and leisure 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

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