Government financial support for business in response to COVID-19
The Chancellor has set out a package of measures to support public services, people and businesses through the period of disruption caused by COVID-19.
26 May 2020
Please note: the information contained in this legal update is correct as of the original date of publication
Headlines
The Chancellor has set out a package of measures to support public services, people and businesses through the period of disruption caused by COVID-19.
Measures include the following:
- The Coronavirus Business Interruption Loan Scheme offering loans of up to £5,000,000 for SMEs through the British Business Bank
- The Coronavirus Large Business Interruption Loan Scheme offering loans of up to £200,000,000 for businesses with annual turnover of more than £45m
- The Covid Corporate Financing Facility - A lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
- A £1.25 bn support package for high-growth firms impacted by coronavirus and those with a focus on research and development
- Coronavirus Bounce Back Loans for small and medium-sized businesses affected by coronavirus of up to £50,000
- A 12-month business rates holiday for retail, hospitality, and leisure businesses in England
- A job retention scheme
- Deferral of VAT and income tax
- Statutory sick pay relief for SMEs
- Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
- Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- The HMRC Time to Pay Scheme
- Protection from eviction for commercial tenants.
Measures
Set out below are key details of the various support measures being put in place:
Contact
Mark Hickson
Head of Business Development
onlineteaminbox@brownejacobson.com
+44 (0)370 270 6000
Contact Mark
Related expertise
You may be interested in...
22 November 2024
Press Release - Firm news
Browne Jacobson wins hattrick of awards at East Midlands Rainmakers Awards
22 November 2024
Legal Update
Know your dispute resolution clauses: Key take-aways from Kajima v Children’s Ark and Lancashire Schools v Lendlease
20 November 2024
Opinion
Law Commission initial consultation published on reforming Part 2 of the Landlord and Tenant Act 1954
19 November 2024
Legal Update
A new digital era: Coimisiún na Meán publishes Online Safety Code
18 November 2024
Press Release
Browne Jacobson advises retail giant The Range on its acquisition of Homebase
14 November 2024
Press Release
Browne Jacobson advises leading technology-driven compliance specialist on its continued market consolidation with two further acquisitions
14 November 2024
Press Release
Browne Jacobson advises The Jordon Group on transformative merger
13 November 2024
Press Release
Browne Jacobson advises Clean Power Hydrogen on global IP licence agreement
08 November 2024
Legal Update
Reform of Gambling Regulation in Ireland
08 November 2024
Legal Update
Ascensus newsletter: November 2024
07 November 2024
Press Release
Browne Jacobson advises UK’s leading fire protection specialist on key acquisition
06 November 2024
Press Release
Browne Jacobson advises IT solutions specialist on sale to Goldman Sachs-backed international digital transformation provider
06 November 2024
Press Release
Browne Jacobson advises investor on the buyout of a national law firm
01 November 2024
Legal Update
Breaking the glass ceiling: Empowering female leadership in the food and drink sector
31 October 2024
Press Release
Browne Jacobson advises the world’s largest baby and toddler swim school on international acquisition
31 October 2024
Legal Update
CJEU confirms that copyright law is the same for all claimants
31 October 2024
Legal Update
EasyGroup proceedings defeated by jurisdictional challenge
30 October 2024
Press Release
Browne Jacobson advises coffee roaster 200 Degrees on acquisition by the Caffè Nero Group
30 October 2024
Press Release - Firm news
Browne Jacobson’s private sector lawyers' reaction to the Autumn Budget 2024
22 October 2024
Press Release
Browne Jacobson continues expansion in Ireland adding real estate and construction practices
17 October 2024
Press Release
Browne Jacobson advises fire suppression manufacturer DAS Fire on its acquisition by Alpine Fire
17 October 2024
Press Release
Browne Jacobson advises UK climbing operator on sale to Belgian investment firm
15 October 2024
Legal Update
Organisational approaches to ESG and sustainability matters
07 October 2024
Legal Update
Navigating the waters of compliance: Understanding the Trade, Aircraft, and Shipping Sanctions (Civil Enforcement) Regulations 2024
02 October 2024
Legal Update
Is Companies House turning the tide against facilitators of fraud?
24 September 2024
Press Release
Browne Jacobson advises global digital transformation services provider on PE investment and acquisition of US and Hungary-based commerce consultancy
24 September 2024
Legal Update
The future of food waste management in the UK: A guide for businesses
24 September 2024
Legal Update
Navigating new advertising restrictions on junk food
24 September 2024
Legal Update
Barking up the right tree: UK is European first to allow cultured ‘meat’ for pets
23 September 2024
Legal Update
Impending reform of defamation law in Ireland: The Defamation (Amendment) Bill 2024
23 September 2024
Legal Update
Labour's recipe for reform: The future of food and drink regulation in the UK
19 September 2024
Press Release
Leading the conversation on DEI in the food & drink industry: celebrating the contribution of women
17 September 2024
Legal Update - Procurement Act
The Procurement Act 2023: What’s changing and getting prepared
12 September 2024
Press Release
Browne Jacobson to provide legal advice to North West public bodies after contract award
10 September 2024
Legal Update - Procurement Act
Contract management and performance
22 August 2024
Legal Update
ASA bans “misleading” Huel and ZOE ads endorsed by Dragon’s Den Star
14 August 2024
Press Release
Browne Jacobson advises Howard Farms on phased sale of Mulberry Logistics Park site
06 August 2024
Press Release
Browne Jacobson advises obconnect on £10.5m majority investment from PayPoint
05 August 2024
Guide
EU Artificial Intelligence (AI) Act: Guide for your business
05 August 2024