COVID-19 latest news: business support.

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COVID-19 latest news: business support.

In connection with the developing situation around the coronavirus infection, we inform You about the planned financial support for business from the government.

The Chancellor has set out a package of temporary measures to support public services, people and businesses during this period of suspension caused by COVID-19.

The state business support Program includes the following measures:

  • The coronavirus job retention scheme, under which HMRC reimburses 80% of the salary costs of employees on leave. Amount limit up to 2500 pounds per month;
    Deferred VAT and income tax payments until June 2020;
    Legislative package of sick leave assistance for small and medium-sized businesses;
    12-month business Rates holidays for all retail, hotel, leisure and nursery businesses in England;
    Small business grant of £ 10,000 for all types of businesses receiving benefits at small business rates or rural rates;
    Grant funding of £ 25,000 for retail, hotel and leisure businesses secured by properties valued at £ 15,000 to £ 51,000;
    A credit scheme for business suspension due to Coronavirus, offering loans of up to 5 million pounds for small and medium-sized businesses through the British Business Bank;
    A new credit facility from the Bank of England to help maintain liquidity among large firms, help deal with the suspension of cash flows through loans in the Wake of the Coronavirus;
    The scheme is HMRC Time to Pay;
    Possibility to apply for additional time to register the company’s reports.

Sterling & Beanland Ltd can help you cope with overcoming financial difficulties at this difficult time. All our employees work remotely and are ready to help you if necessary.

We have done some research on the business suspension lending scheme, which we hope will be useful. To access it, please click here.

In addition, this support is provided free of charge when registering with Sterling & Beanland Ltd as a client.

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