Officials are working closely with our sectors, both representative bodies and also individual organisations, to ensure that all businesses and individuals can access the support they need.
The Coronavirus is the biggest threat this country has faced in decades – and this country is not alone. All over the world we are seeing the devastating impact of this disease.
During this challenging time, I recognise that the necessary actions we have taken asking people to stay at home, protect the NHS and save lives have caused disruption to businesses, jobs and the economy. And that’s why the Government has produced an unprecedented programme of support for workers, businesses and charities.
Nigel Huddleston MP, Minister for Tourism
Key measures include:
- Coronavirus Job Retention (Furlough) Scheme where small and large employers will be eligible to apply for a government grant of 80% of workers’ salaries up to £2,500 a month. The scheme will be backdated to March 19 and available for at least three months, with the first grants to be paid within weeks.
- Self-Employed Income Support Scheme to help eligible freelance workers receive up to £2,500 per month in grants for at least three months. Those eligible will receive a cash grant worth 80% of their average monthly trading profit over the three years up to 2018/19.
- Deferral of the next quarter of VAT payments for firms, until the end of June – representing a £30bn injection into the economy.
- £330bn worth of government backed and guaranteed loans to support businesses. The Chancellor has extended the Coronavirus Business Interruption Loan Scheme so that all viable small and large businesses affected by COVID-19, and not just those unable to secure regular commercial financing, will now be eligible should they need finance to keep operating during this difficult time.
- Grant schemes – Businesses in the retail, hospitality and leisure sectors will be eligible for a £25,000 cash grant per property, for each property that has a rateable value between £15,000 and £51,000. These businesses will also have a business rates holiday for the 2020/21 tax year.
- HMT Future Fund – A package of measures to support pre-revenue firms such as innovative and competitive companies in the tech and creative sectors. These bridging loans, as well as extra support from Innovate UK and the British Business Bank, will bring much-needed aid to businesses across DCMS sectors.