With UK businesses facing huge uncertainty over the nationwide disruption that is likely be caused by the coronavirus pandemic, Chancellor Rishi Sunak’s Budget outlined a number of measures to help support SMEs.
These include business rates relief for retail, leisure and hospitality firms, which are likely to be hit hard if customers stay away to slow the spread of the virus. Those with a rateable value of less than £51,000 will benefit from a tax holiday. In addition, businesses with fewer than 250 employees will be provided with statutory sick pay for those off sick with the coronavirus.
A temporary coronavirus business interruption loan scheme is also to be introduced, so that banks can offer loans of up to 1.2m to support SMEs. And grants of £3,000 will be available to 700,000 of the smallest businesses, paid by local authorities.
More details on these and other measures are available here in an excellent summary provided by one of our business partners Lang Bennetts, one of Cornwall’s leading firms of Chartered Accountants and Business Advisers: https://www.lang-bennetts.co.uk/news/budget