Businesses affected by the coronavirus are to be offered much-needed financial support, thanks to a number of steps announced by the Chancellor of the Exchequer, Rishi Sunak.
In a press conference yesterday, the Chancellor vowed to “provide as much capacity as required” in supporting businesses across the UK through the economic impact from the coronavirus outbreak. With millions of people worrying about how their businesses will fare through over the next few months, it’s a welcome lifeline. The measures are applicable to every UK business and cover businesses paying rates, statutory sick pay to employees, those paying taxes and more.
Just a few of the measures announced by the Chancellor include:
- reimbursements of statutory sick pay for 14 days per employee for businesses with fewer than 250 employees
- grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000.
- providing a grant of £10,000 to businesses receiving Smal Business or Rural Rate Relief
- introduction of a Coronavirus Business Interruption Loan Scheme for SMEs. This will allow businesses to apply for a loan of up to £5 million, of which the government will cover up to 80% of losses, fee-free. The government will cover the first 6 months of interest on the finance.
- 12 month rate holiday for all retail, hospitality and leisure businesses in England.
How do I access this funding if I’m a business owner?
You don’t need to do anything right now. The BCP Council is waiting for further guidance on how the financial support is to be rolled out and will update businesses as soon as they know more. They’ll be providing updates on their website, Twitter and local business Twitter feeds.
For full details of the ways in which the government’s plans will support your business, visit the relevant area of the Gov.UK website.