Following on from the Budget, the Chancellor yesterday announced an extension of the relief that is to be made available to businesses in the UK.
We are still to see details of how the various reliefs are to be made available, but hope to advise clients on the various processes, as information becomes available. Please do refer to our news items in the coming days.
In brief, steps announced are;
- Increasing the amount businesses can borrow through the Coronavirus Business Interruption Loan Scheme from £1.2 million to £5 million, with the first 6 months of that finance interest free.
- Giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months.
- Increasing grants to small businesses eligible for Small Business Rate Relief from £3,000 to £10,000.
- Providing further £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000.
The Chancellor also confirmed, following consultations, that mortgage lenders have agreed they will support customers that are experiencing issues with their finances as a result of Covid-19, including through payment holidays of up to 3 months.
There were no announcements on any direct assistance to the employed & self-employed, in particular regarding help with payments of rent.
The Chancellor concluded his comments by confirming that further provisions were on the way.
For the full announcement, please see here.
