4th January 2022
Rishi Sunak’s debut budget speech on March 11th 2020 was delivered under the shadow of the threat posed by the developing COVID-19 coronavirus crisis as the impact of the global pandemic began to be felt by businesses up and down the country. Labelled by some as a ‘coronavirus budget’ Sunak announced a raft of measures to help stabilise the economy by offering companies various lifelines as they battled against the escalating situation. These included help with emergency funding as well as business rates relief for small companies.
Following on just days from the budget, Rishi Sunak was once again back in the spotlight detailing further measures to help beleaguered businesses including the popular Coronavirus Job Retention (or 'furlough') Scheme, government-backed loans including CBILS and Bounce Back Loans, as well as a number of tax deferral options.
However, as time has gone on, these measures and stimulus schemes have gradually been phased out. The furlough scheme has ended, Bounce Back Loans which were taken out by many businesses at the start of the pandemic now need to be repaid, and plans need to be put in place to bring any deferred tax liabilities up to date.
While the raft of financial support measures have decreased, there are still some channels of government help available for certain businesses:
Please note: this is not an exhaustive list of measures; additional schemes and grants may be available to qualifying businesses in certain sectors.