COVID-19: Support for Businesses

Further to the developing situation surrounding the coronavirus pandemic, this post is to update you on planned financial support for businesses from the government.

The Chancellor has set out a package of temporary 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 Coronavirus Job Retention Scheme, whereby HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month
  • deferring VAT and Income Tax payments until June 2020
  • a Statutory Sick Pay relief package for SMEs
  • a 12-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 through the British Business Bank (contact us for a detailed & updated list of lenders and their statuses)
  • 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
  • Option to apply for more time to file your company’s accounts

As always, Schoolgate Accounting Services are on hand to assist you with all your financial needs at this difficult time. All our staff are working remotely and available to assist should you need.

We have carried out some research of the the Business Interruption Loan Scheme, which we hope you find useful. To access it, please click here.

Further more, all our our COVID-19 support is free of charge if you sign up with Schoolgate Accouting or are an existing client.