What UK government support is available for my business?

The UK government has announced extensive measures to help mitigate the impact of Coronavirus:

  • No business rates in 2020/21 for hospitality businesses (including caravan parks and campsites), irrespective of their size, to be applied automatically

  • Retail, hospitality and leisure businesses with a Rateable Value between £15,000 and £51,000 will be eligible for a government grant of £25,000

  • A grant of £10,000 for all businesses eligible for Small or Rural Business Rate Relief

  • The Coronavirus Job Retention Scheme, whereby employers can get a grant of 80% of wages for staff not working (‘furloughed’), of up to £2,500 per month. This will be backdated until 1st March and open for 3 months initially. The first payments are due at the end of April

  • VAT relating to the period 20th March to 30th June deferred for all businesses automatically, payable instead at the end of the financial year instead. For the self-employed, Income Tax payments due on 31st July 2020 will be deferred until 31st January 2021

  • The Coronavirus Business Interruption Loan Scheme (up to £5m) and Bounce Back Loans (up to £50,000) are interest-free for 12 months and guaranteed or part-guaranteed by the government

  • HMRC’s Time to Pay scheme for businesses and self-employed people in financial distress, with outstanding tax liabilities

  • Self-employed people will be able to access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees

  • Statutory Sick Pay relief of two weeks per eligible employee absent for COVID-19, for SMEs only

Visit gov.uk for more information and to apply for any measure that are not automatic. Announcements were also made in Scotland, Wales and Northern Ireland.

See also How can I best prepare for the end of this crisis?