The Government has announced a package of measures to support businesses. This includes:
- the Coronavirus Business Interruption Loan Scheme including Business Bounce Back loans for small businesses and sole traders
- the Coronavirus Job Retention Scheme
- the Self-Employment Income Support Scheme
- a 12-month business rates holiday for retail, hospitality and leisure businesses
- cash grants of £10,000 or £25,000 for retail, hospitality and leisure businesses with property with a rateable value of up to £51,000
- small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- a Statutory Sick Pay rebate for small and medium-sized businesses
- the HMRC Time To Pay Scheme
- the Coronavirus Large Business Interruption Loan Scheme for medium sized and larger businesses
- the new Coronavirus Future Fund which will issue convertible loans to innovative companies facing financial difficulties
- a 12-month business rates holiday for nursery businesses
- a VAT deferral until 30 June 2020
- income tax deferral for the self-employed until January 2021
The Government has also published a new business support finder tool which helps businesses find out what support is available to them.
Eat Out to Help Out
Local businesses have done a great job at adapting to social distancing rules and making things safer for their customers. Under the government’s new Eat Out to Help Out scheme, people enjoying a pub lunch or restaurant meal will be able to eat half price, with a maximum discount of £10-per-person, in August.
Businesses will need to register with the government to take part in the scheme.
Registration will close on 31 August.