Covid-19 – UK Government Assistance to UK Businesses

Due to the current uncertainty in relation to coronavirus (COVID-19), the UK government has taken to help the SME keep afloat.

– 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