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An overview to SME Support Packages

In response to the COVID-19 outbreak in the UK, the UK Government announced a range of support packages for UK SMEs during the 2020 Budget to provide financial assistance to help businesses trade through the current period of uncertainty, disruption and financial pressures caused by COVID- 19.

A lot of information has been released surrounding government assistance during the COVID-19 pandemic and this paper will provide an overview to the measures introduced including:

  1. Coronavirus Business Interruption Loans Scheme
  2. Coronavirus Job Retention Scheme
  3. Coronavirus Self Employment Income Support Scheme
  4. Coronavirus Business Support Grant Funding
  5. VAT payment deferral
  6. HMRC Time To Pay Arrangements
  7. Payment on account deferral
  8. Amendments to the Insolvency Act 1986 (Wrongful Trading)

The measures introduced are intended to be a proactive response in order to limit the adverse impacts of COVID-19 on small businesses.

Please note, the information presented within this Help Guide is at 1 April 2020 and the contents are not intended to be construed as financial, tax, employment law or insolvency advice.

To read the full guide click here. We hope you find this information useful.