On Wednesday 11 March 2020, the Chancellor’s budget outlined a £12 billion package of support for public services, individuals, and businesses that have been affected by the economic disruption caused by COVID-19.
The support for business is outlined as follows:
- The government will bring forward legislation to allow small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.
- The government will increase Business Rates retail discount to 100%, expanding it to the leisure and hospitality sectors, and increase the planned rates discount for pubs to £5000.
- Provide an extra £2.2 billion funding for local authorities that pay little or no Business Rates because of Small Business Rates Relief (SBRR), providing a one-off grant of £3,000 to around 700,000 businesses currently eligible for SBRR.
- Launching in a matter of weeks, British Business Bank will be offering a new temporary Coronavirus Business Interruption Loan Scheme.
- All businesses and self-employed people in financial distress, may be eligible to receive support with their tax affairs through HRMC’s Time to Pay service.
For full information, please visit our COVID—19 page for businesses and employers. Click here.
To read more on the Chancellor’s Budget 2020, please click here.
For more information, please contact our team on 01905 677 888 or email info@worcestershiregrowthhub.co.uk.