Businesses, both small and large, will be worrying about the effect coronavirus is going to have on them. However, the latest Budget has shown the government’s commitment to support British companies during these difficult times.
Last week, Chancellor of the Exchequer Rishi Sunak outlined intentions to provide businesses with reliefs from Business Rates, increasing this to 100 per cent for one year. He also introduced a Coronavirus Business Interruption Loan Scheme, allowing small and medium-sized enterprises (SMEs) to access finance from a £1 billion fund, as well as a £2.2 billion grant scheme for small firms.
There will also be a helpline for companies that require a deferral for their tax payments.
In response to the ground-breaking Budget, Jonathan Geldart, director general of the Institute of Directors, said the Chancellor “came through for business today”.
He added: “With the coronavirus outbreak threatening a cashflow crunch, measures to cut costs and support loans to businesses are on the money. Wider reliefs around business rates and job taxes will also buoy firms as they look to weather Covid-19’s implications.”
The Budget also revealed it will increase the NICs Employment Allowance to £4,000, which will help 510,000 businesses.
Additionally, it will invest in business support for SMEs through Growth Hubs and extend the Start-Up Loans Programme to help companies seek opportunities outside of the EU and assist entrepreneurs financially.
Mr Sunak stated: “This Budget responds, at scale, to the immediate threat of Coronavirus and it reports on an economy whose foundations are strong. It is a Budget that provides for security today.”
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