COVID-19: Support for Businesses
The Chancellor has set out a package of temporary, timely and targeted measures to support businesses through this period of disruption caused by COVID-19. Alpha Accountancy is closely monitoring the situation so we can keep our clients informed and up to date as these new measures are brought into place.
The UK government has so far released information on a number of measures to support businesses including:
- a Statutory Sick Pay relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality and leisure 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
Alpha Accountancy will keep clients informed and provide further information and advice on accessing them once they become available.