The government announced measures to support individuals and businesses, which included:
- Coronavirus Job Retention Scheme for furloughed employees (CJRS).
- Self-employed Income Support Scheme (SEISS)
- Deferring VAT and Income Tax payments
- Statutory Sick Pay relief package for SMEs
- A business rates holiday for all retail, hospitality and leisure businesses in England
- Small business grant of £10,000 for all business in receipt of small business rate relief (SBRR) or rural rate relief (RRR), or;
- Grant of either £10,000 for retail, hospitality and leisure businesses with property with a rateable value of up to £15,000 or £25,000 for those 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
- The Bounce Back Loan scheme offering loans between £2,000 and £50,000
- The Recovery Loan Scheme offering loans up to £2 million per business
Most of the above schemes have now finished but if you do require further guidance then please contact us.