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
- discretionary grants for other businesses with property costs.
- 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 three Government grant schemes, which were administered by the district and borough councils in Warwickshire as the billing authorities, have now closed to applications.
The Government has also published a new business support finder tool which helps businesses find out what support is available to them.