Coronavirus update: Support for businesses

Businesses will be able to access government support from today (23 March) to keep operating in the face of the global economic emergency brought on by coronavirus The chancellor has set out a package of temporary and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19. A Coronavirus Job Retention Scheme. Deferring VAT and Income Tax payments. A Statutory Sick Pay relief package for small and medium-sized businesses. 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 £5m 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.