Coronavirus – business support update
The Chancellor yesterday (20 March) set out a package of measures to support businesses through the period of disruption caused by COVID-19.
The business support includes:
- a Coronavirus Job Retention Scheme
- deferring VAT and Income Tax payments
- 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
Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. All UK businesses are eligible.
There is more information and how to access the scheme here
Guidance for employees can be found here
Meanwhile Dorset Council is communicating directly with businesses through e-newsletters (sign up here) and have produced a suite of information about business rate relief for business owners.
The Dorset Chamber of Commerce has a page dedicated to coronavirus on its website.
