Originally written by Timothy Adler on Small Business
What does the Summer Statement mean for small business?
Chancellor Rishi Sunak has announced a package of measures to help small businesses survive the coronavirus pandemic, as the second phase of government action.
Mr Sunak unveiled cash grants of £1,000 for each furloughed employee a business takes back, a new £2bn jobs scheme aimed at bringing in young people into work, and VAT being slashed to 5 per cent for hospitality and attractions businesses.
“It will give businesses the confidence to retrain and hire this autumn,” Mr Sunak announced in the House of Commons this afternoon.
Job Retention Bonus
Mr Sunak announced a £9bn initiative to reward businesses that bring furloughed employees back into work.
Any small business that takes back a furloughed employee will be given a £1,000 grant for each worker, providing they are still in employment by January. The minimum wage of each employee should be at least £520 a month.
Mr Sunak said: “If you stand by your workers, then we will stand by you.”
Kickstart jobs scheme
As expected, chancellor Rishi Sunak has announced a £2bn scheme for small business owners to hire young people as part of his Summer Statement.
The new Kickstart scheme will help half