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”

To see further details and check your eligibility check the GOV.UK website.

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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.

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