Overview of the help available for
UK businesses impacted by
Coronavirus
23 March 2020
Government support
On the evening of Friday 20 March, the Chancellor of the Exchequer Rishi Sunak announced additional measures to help smaller businesses and the self-employed affected by COVID-19. The Government also has said it will announce further measures to support self-employed people over the coming days.
Head to the support for business page of the Government website for details of the initiatives which the Government introduced in the recent budget
- Coronavirus Job Retention Scheme will cover up to 80 per cent of wage costs (details to be confirmed) backdated to 1 March for a period of three months or longer, if needed, for small businesses, charities and not for profit organisations. Grants due to be available to business within weeks.
- A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England.
- Grants – up to £25,000 to retail, hospitality and leisure businesses operating from smaller premises and £10,000 for all business in receipt of small business rate relief or rural rate relief. Available from your local authority.
- Coronavirus Business Interruption Loan Scheme helps SMEs get better access to bank lending and overdrafts. The business loans of up to £5m will be available from Monday 23 March and will be interest free for 12 months (Here’s a list of lenders).
- Covid-19 Corporate Financing Facility, the Bank of England will buy short term debt from larger companies. Available w/c 23 March. More info on BoE Website.
- Reclaim SSP. Legislation is being brought forward to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. No date yet, but the Government has said “as soon as possible.”
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. You can call a dedicated hotline to negotiate an agreement based on your individual circumstances.
Dedicated hotline: 0800 015 9559