Chancellor announces £330bn financial package to UK businesses impacted by the Coronavirus outbreak. Here are the links to official channels for more information and how to claim your business support.

Chancellor Rishi Sunak announces £330bn financial package to UK businesses impacted by the Coronavirus outbreak.

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How is the government helping tourism businesses?

The Chancellor in his budget statement on 11 March 2020 said that he will do “whatever it takes” to protect the economy from the impact of coronavirus. He then announced plans for a £30billion support package. In a further announcement on the 17 March 2020 the Government unveil additional measures. Streets Chartered Accounts have produced a full list of the business support that is available. You can read it on the Streets Chartered Accountants website .

Guidance includes:

  • Statutory Sick Pay (SSP) Employed Persons (SMEs): the Government will bring forward legislation to allow SMEs and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19.
  • Self-employed workers
  • Business rates relief – Temporary reliefs to 2021 for Hospitality and leisure sectors
  • Further Cash Grants: there will be a £10,000 cash grant , delivered by local authorities for small businesses. Small businesses that pay little or no business rates and are eligible for small business rate relief or rural rate relief will be contacted by their local authority – they do not need to apply. The funding will be provided to local authorities in early April.
  • Small businesses (Small Business Rates Relief)
  • Insurance claims
  • Small and large business grants
  • The Coronavirus Business Interruption Loan Scheme: this will enable businesses to apply for a loan of up to £5 million, with the government covering up to 80% of any losses with no fees. Businesses can access the first six months of that finance interest-free, as the government will cover the first six months of interest payments.This will be delivered by the British Business Bank .
  • Business payment support service for HMRC taxes