The Government has introduced a raft of measures to help and support businesses survive the Covid-19 pandemic.
Here's our at-a-glance summary of the main measures, with links to announcements and/or commentaries (in no order of priority or date of announcement):
The Chancellor, the Governor of the Bank of England, and the CEO of the FCA wrote jointly on 25th March to the CEOs of the UK Banks on the subject of COVID-19 and bank lending, saying that the priority for "..banks, building societies, government and the financial authorities- should now be to take all action necessary to ensure that the benefits of the [Government's support measures]..are passed through to businesses and consumers."
Chronological list of the Government's business support interventions:
- Friday 29th May the CJRS is extended and changed, providing for tapering off with employers having to make contributions and coming to an end in October
- Tuesday 26th May CBILS loan ceiling is raised to £200m
- Tuesday 26th May Statutory Sick pay for Covid-19 illness can be claimed as from 13th March 2020
- Wednesday 13th May The PM pledges an extra £600m for infection control in care homes to fight COVID-19 b
- Wednesday 13th May The Treasury announces its support businesses through Trade Credit Insurance guarantee
- Tuesday 12th May The Chancellor announces the extension of the CJRS until October '20 but with changes from August '20
- Monday 11th May The Government publishes details of its Covid-19 recovery strategy and working safely guidance and regulations
- Wednesday 6th May DEFRA announces dairy farmers can access up to £10,000 each to help them overcome the impact of the Coronavirus outbreak
- Monday 4th May The Small Business Bounce Back Loan Scheme went live
- Saturday 2nd May A 5% uplift announced to the £12.33 billion funding for the Small Business Grants Fund (SBGF) & the Retail, Hospitality and Leisure Grants Fund (RHLGF)
- Monday 27th April The Chancellor announces 'Bounce Back Loan Scheme' for SMEs and other measures to make CBILS work better and get funding into businesses
- Thursday 23rd April The Coronavirus Large Business Interruption Loan Scheme (CLBILS), launches
- Monday 20th April the Coronavirus Job Retention Scheme goes live
- Sunday 19th April the Government announces its plan to launch in May a “Future Fund” designed to ensure UK high-growth companies survive Covid-19
- Saturday 18th April the Chancellor grants local authorities a further £1.6bn, taking total funding to £3.2bn, to help meet their obligations as income from parking fines and the like dries up
- Friday 17th April the Chancellor extends the CJRS until the end of June 2020
- Thursday 16th April the Chancellor announces an expansion of the CIBLS loan scheme to include businesses with a turnover of more the £250m
- Wednesday 9th April HM Treasury and the Bank of England agree to extend temporarily the use of Ways and Means facility
- Tuesday 8th April the Chancellor announced a 750m support package for the charities sector
- Friday 3rd April the Chancellor announced a broadening of the Coronavirus Business Interruption Loan Scheme (CBILS) so that loans up to £25m can be made
- Thursday 2nd April £300 million was announced for community pharmacies to support them during coronavirus outbreak
- Thursday 26 March saw Chancellor Rishi Sunak announce a range of new measures to support the self-employed through a new Self-Employment Income Support Scheme
- Thursday 26 March saw the government provide new guidance for employers and employees on the Job Retention Scheme
- Thursday 26 March saw the FCA, FRC and PRA announce a series of actions to ensure that companies are able to manage disruption caused by the coronavirus outbreak with the need to provide accurate financial reporting to markets and investors
- Thursday 26 March saw government provide further guidance around the closure of all retailers selling non-essential goods and other non-essential premises
- Wednesday 25 March saw the government produce updated guidance on the closure of all retailers that sell non-essential goods and other non-essential premises. This guidance also includes details on exceptions to closures, with specific guidance on cafes and canteens in workplace settings
- Wednesday 25 March saw the Scottish Government publish guidance for businesses on social distancing, which states that all non-essential businesses should close
- Wednesday 25 March saw confirmation that businesses will be able to apply for a three-month extension for filing their accounts with Companies House to help avoid penalties
- Tuesday 24 March saw the government announce the suspension of enforcement of the gender pay gap reporting deadlines for the reporting year (2019/2020)
- Monday 23 March saw Prime Minister Boris Johnson announce a significant extension of social distancing requirements. The government also released guidance on how to access the new Coronavirus Business Interruption Loan Scheme and Covid Corporate Financing Facility.
If we have missed anything off, we apologise and if you let us know, we'll update this page as soon as we can.
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