Coronavirus Business Funding and Support for Tourism and Hospitality Businesses
Visit Herts, along with colleagues from across the tourism and hospitality sector, have been ensuring that the impact on the sector and needs of our businesses are effectively communicated to Government to support our vital sector, to preserve jobs, the economy and future growth. We are delighted that the Government has listened an in response, the Chancellor has announced a package of measures, the headlines of which are set out below.
This package of measures will support our industry to retain staff during these challenging times in order to rebuild once the crisis has passed. Full details of this package will follow in the next few days and we will provide regular updates.
- A job retention scheme whereby employers can get a grant of 80% of the wages of staff that are not working up to a limit of £2,500 per month
- A statutory sick pay relief package for SMEs
- Self-employed people will be able to access, in full, Universal Credit at a rate equivalent to Statutory Sick Pay for employees
- All retail, hospitality and leisure businesses in England to receive a 100% business rates holiday for the next 12 months
- Further grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
- £10,000 grants to small businesses eligible for Small Business Rate Relief or Rural Rate Relief
- The Coronavirus Business Interruption Loan Scheme offers loans from from £1,000 to £5 million, and ensuring businesses can access the first 12 months of that finance interest free, as Government will cover the first 12 months of interest payments
- Support for liquidity amongst large firms, with a major new scheme being launched by the Bank of England to help them bridge COVID-19 disruption to their cash flows through loans
- VAT for all businesses will be deferred until the end of June and businesses will have until the end of the financial year to repay those bills
- Businesses may be able to access an interest free time to pay arrangement from HMRC
- Confirmation that Government advice to avoid pubs, clubs and theatres etc. is sufficient for businesses to claim on their insurance where they have appropriate business interruption cover for pandemics in place
- Relaxation in planning regulations to allow pubs and restaurants to start providing takeaways without a planning application
Other organisations have also announced funding support for small businesses such as Facebook who have also announced a $100million fund.
We will update this page with the latest information on who is eligable and how to access the funding and financial support announced by government and other organisations.
Find out more about support with paying staff including:
- Coronavirus job retention scheme - Submit information through new HMRC online portal
- Statutory sick pay relief packages for SMEs - Rebate scheme is being developed
Find out more about support through business rates relief and grants including:
- Business rates relief - Automatic through local authorities
- Cash grants - Automatic through local authorities
Find out more about support with cash flow inclouding:
- Coronavirus business interruption loan scheme - Apply through all major banks
- Covid-19 corporate financing facility - More information coming soon
Find out more about support with tax payments through HMRC including:
- VAT deferrals - Automatic through HMRC
- Time to pay arrangement - Request through HMRC line
Read advice around business insurance and regulations including:
- Business interruption insurance
- Planning regulations
Funding and support from other organisations including: