Coronavirus (COVID-19) - support for business
The Chancellor of the Exchequer has announced a package of measures to support businesses through this period, in close co-ordination with the Bank of England.
The Bank of England has temporarily reduced the Bank Rate to 0.25 per cent. It has taken further measures to help ensure that this rate reduction will translate through to the real economy and that capital will be available for new lending. As the virus progresses, and it's impact understood, further updates will be provided.
Statutory Sick Pay for businesses with fewer than 250 employees
In the Budget, the Chancellor announced that legislation will be brought forward to allow businesses with fewer than 250 employees to reclaim up to 14 days’ Statutory Sick Pay paid for sickness absence due to COVID-19.
The Business Rates retail discount will be raised to 100 per cent for one year and expanded to the leisure and hospitality sectors, with a £5,000 rates discount introduced for pubs in England with a rateable value below £100,000. Taken together with existing Small Business Rates Relief an estimated 900,000 properties, or 45 per cent of all properties in England, will receive 100 per cent business rates relief in 2020/21.
To support around 700,000 businesses currently eligible for Small Business Rate Relief, local authorities in England will receive a total of £2.2 billion to provide a £3,000 grant to help meet their ongoing business costs.
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch on 1 April to support businesses to access bank lending and overdrafts.
Businesses and self-employed people in financial distress may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. The agency has also set up a phone helpline which you can reach at 0800 0159 559.
Read more about Government support for business