Business rates relief
The business rates holiday is extended to all businesses in the retail, hospitality and leisure sector for the next 12 months irrespective of rateable value.
The business rates holiday for any business with retail property with a rateable value of less than £51,000 for the 2020/21 period is:
- extended to the leisure and hospitality sector;
- increased from 50% to 100% for the next 12 months; and
- complemented with an up to £25,000 cash grant for these smaller businesses.
New Coronavirus Job Retention Scheme
Any employer (small or large) will be eligible to contact HMRC for a grant equaling 80% of wages of staff who are unable to work but are kept on payroll. Capped at £2,500 per month per employee. This measure will be backdated to 1 March 2020 and open for at least three months, without a funding cap.
Government debt support
UK Government-backed and guaranteed loans of £330bn will be made available. Both of the following schemes are expected to be up and running by next week:
- a new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, enabling businesses with a turnover of no more than £41 million to apply for a loan of up to £5 million, with the UK Government covering up to 80% of any losses with no fees. First 12-month will be interest free;
- for larger firms a new lending facility has been agreed with the governor of the Bank of England, to be provided through low cost easily accessible commercial paper.