Government announces small business support package

Chancellor of the exchequer Rishi Sunak has announced a series of support measures that features support for businesses. The measures include:

• a statutory sick pay relief package for SMEs
• a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
• small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
• grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
• the Coronavirus Business Interruption Loan Scheme to support long-term viable businesses who may need to respond to cash-flow pressures by seeking additional finance the HMRC Time To Pay Scheme

Mike Hawes, SMMT chief executive commented: “We welcome the additional and significant emergency support for business announced by the Chancellor today. The UK automotive industry is inherently strong and globally competitive but now stands on the precipice and will urgently need extraordinary measures such as these to avoid falling over the edge.

“We are already seeing plant closures as global demand falls and supply chains are stretched. We now seek immediate dialogue with government to agree how such a comprehensive package of measures can ensure business continuity and support for workers. The continued success of this industry is critical not just to the country’s economic performance but also to the hundreds of thousands of people across the country who rely on the sector for their livelihoods.”

The chancellor suggests further measures may follow, but details of the current support package can be found here:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Just a week before, Sunak published the 2020 budget, which brought with it the biggest investment in 30 years.