The UK Government has announced the implementation of a temporary support package to help support businesses during the COVID-19 outbreak.
According to GOV.UK:
“This includes a package of measures to support businesses including:
– 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”https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Please note: This article is intended to be an explanation of general principles and is not directed as advice for your particular situation. Please always check with qualified professionals regarding your business.