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)
- a12-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 throughthe British Business Bank, with no interest for 12 months.
On 23rd March, all Coronavirus related business advice and information was bought together in a dedicated website for all help available to businesses here.
The pages will advise you how to access the support, who is eligible, when the schemes open and how to apply.
As the virus progresses, and it's impact understood, further updates will be provided.
REMEMBER: If you have a question, concern or need help with anything related to the Coronavirus, then please do email me at elliot.colburn.mp@parliament.uk or call 020 7219 5862 - my team and I are working flat out to make sure everyone gets access to the help and advice they need.
