COVID-19 UPDATE 18.03.20 – RESCUE PACKAGE

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Last night the Chancellor launched a huge package to support businesses and individuals through the Coronavirus crisis. So far, these measures include:

– An initial £330 billion package of guaranteed loans up to £5 million per business.

– Business rate exemption for retail, hospitality and leisure sectors. Additionally, any of these businesses with a rateable value less than £51, 000 can now get access to a Government grant.

– Grants of £10, 000 to support the cash flow of the smallest businesses.

– Businesses and self-employed people to receive support with tax affairs through an the HMRC Time to Pay service. Call the HMRC COVID-19 helpline for advice.

– Refunding statutory sick pay for all SME’s.

– Tax cuts for British businesses worth nearly £20 billion.

– Three month mortgage holiday.

– Requirements for Universal Credit Minimum Income Floor temporarily relaxed.

– £500 million more funding for local authorities to support locally vulnerable people and households.

See more here.

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