Government announces a massive £330bn of Assistance

The UK Government announced an unprecedented assistance package to help individuals and businesses who have been impacted by the covid-19 emergency. The Chancellor initially announced a number of measures in his Budget on 11th March 2020, but has since widened the scope of his assistance package to cover a lot more trades and circumstances.

In fact, at one stage the announcements were happening daily whereas it has since slowed down as HMRC, the Treasury and other Gov departments have been busy formulating processes and creating online interfaces for how the affected people and Businesses should access these packages.

Broadly speaking, assistance is available covering the following areas:

1. Coronavirus Job Retention Scheme

2. Deferring VAT & Income Tax Payments

3. SSP Relief for SMEs

4. Business Rates Holiday

5. Additional Small Business Grant

6. The Retail & Hospitality Grant Scheme

7. CBILS -Coronavirus Business Interruption Loan Scheme

8. CCFF – Covid Corporate Financing Facility

9. HMRC Time to Pay

10. Insurance

11. Support for Nurseries

Due to the complexity of each of the topics, I will address each by way of a separate Blog article