The UK Government has announced a £30 billion stimulus to support the UK economy through coronavirus, including £7 billion to protect businesses and the self-employed. Support includes:
The Coronavirus Business Interruption Loan Scheme will support lenders to offer loans up to £1.2 million to firms impacted by coronavirus.
To help smaller firms, the business rates retail discount for properties with a rateable value below £51,000 will be increased to 100% and expanded to included hospitality and leisure businesses.
Small businesses that pay little or no business rates will receive a £3,000 cash grant to help with ongoing costs.
Businesses with fewer than 250 employees will be entitled to receive a refund for Statutory Sick Pay costs they incur because of coronavirus. The refund will be limited to two weeks per employee.
Help for those who are ineligible for Statutory Sick Pay, such as the self-employed, to access benefits more quickly if they have to self-isolate.
A new telephone helpline to support businesses and self-employed people who are concerned about paying their tax due to coronavirus. Contact the HMRC helpline on 0800 0159 559.
The Bank of England has cut interest rates from 0.75% to 0.25% to help mitigate the impact of coronavirus on the UK economy and reduce borrowing costs for businesses. The Bank of England has also confirmed it will give banks extra lending powers so they can support firms.
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