Key announcements to support people and businesses
In response to the coronavirus (COVID-19) outbreak, Chancellor Rishi Sunak has set out a package of temporary, timely and targeted measures to support people and businesses through this period of disruption.
Support for business includes:
• Coronavirus Job Retention Scheme
• Deferring VAT and Self-Assessment payments
• Self-employment Income Support Scheme
• Statutory Sick Pay relief package for small and medium-sized businesses (SMEs)
• 12-month business rates holiday for all retail, hospitality, leisure and nursery 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
How can we help?
To find out more, please contact Touchstone Advisory Limited on + 1 917 810 3140 or email [email protected] – we look forward to hearing from you.