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.