Originally written by Timothy Adler on Small Business
UPDATED: Chancellor Rishi Sunak has announced a £30bn spending package to help mitigate the impact of the coronavirus outbreak.
Government to cover statutory sick pay for SMEs
Statutory sick pay will be available to all those advised to self-isolate from the virus. The government will refund the cost of statutory sick pay for up to 14 days to small- and medium-sized businesses at a cost of £2bn. This will apply to businesses with fewer than 250 employees.
Announcing his Budget this afternoon, the chancellor acknowledged coronavirus would cause “temporary disruption” to the economy.
Jonathan Richards, CEO and founder of Breathe, added: “As a small business owner, it’s reassuring that the government will cover the strain caused by sick pay, as well as offering significant loans and cash injections to UK small businesses.
Coronavirus Business Interruption Loan Scheme
A “Coronavirus Business Interruption Loan Scheme” will support up to a further £1bn lending to smaller businesses. The government will guarantee bank loans to small businesses on amounts of up to £1.2m. The government will cover bank losses of up to 80pc.
Business rates to be scrapped for certain businesses…
Business rates will be abolished altogether for smaller firms in retail, leisure and hospitality