Directors: Coronavirus

Treasury written question – answered on 2nd June 2020.

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Photo of Olivia Blake Olivia Blake Labour, Sheffield, Hallam

To ask the Chancellor of the Exchequer, what steps he is taking to support Directors of small businesses during the covid-19 outbreak; and if will he introduce financial support measures for those Directors.

Photo of Kemi Badenoch Kemi Badenoch The Exchequer Secretary

The Government has announced unprecedented support for business and workers to protect them against the current economic emergency including almost £300 billion of guarantees – equivalent to 15% of UK GDP. The directors of small businesses, and other self-employed individuals, may benefit from a range of support measures including:

  • The Coronavirus Job Retention Scheme (CJRS) – company directors paid annually through PAYE are eligible to claim if they meet the relevant conditions
  • A 12-month business rates holiday for all eligible retail, leisure and hospitality businesses in England
  • Small business grant funding (SBGF) of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • The retail, hospitality and leisure grant fund (RHLGF)
  • The Coronavirus Business Interruption Loan Scheme (CBILS)
  • The Bounce Back Loan Scheme (BBL) for small and micro enterprises
  • VAT deferral for up to 12 months
  • The Time To Pay scheme, through which businesses and self-employed individuals in financial distress, and with outstanding tax liabilities, can receive support with their tax affairs
  • Protection for commercial leaseholders against automatic forfeiture for non-payment until June 30, 2020
  • A 3-month mortgage holiday

The Business Support website provides further information about how businesses can access the support that has been made available, who is eligible, when the schemes open and how to apply - https://www.businesssupport.gov.uk/coronavirus-business-support. And details of the range of support for individuals affected by COVID-19 is available at: https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19.

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