Archive, March 2020: This article describes COVID-19 support measures announced in 2020. For current help, see government business finance and support.

On 17 March 2020, the government announced an initial £330 billion of guarantees for business loans, alongside other measures to support businesses through the pandemic.

Measures announced in 2020

The Coronavirus Job Retention Scheme helped eligible employers pay furloughed staff. Other measures included a Statutory Sick Pay rebate for eligible smaller employers, and deferral of some VAT and Self Assessment payments. HMRC’s annual report describes these schemes. Deferred VAT was not cancelled: see HMRC’s later guidance.

Eligible retail, hospitality and leisure businesses in England could receive business rates relief for the 2020–21 tax year. Two grant funds supported eligible small businesses and retail, hospitality and leisure properties. Under the latter, a property with a rateable value of £15,000 or less could qualify for £10,000; those valued over £15,000 and below £51,000 could qualify for £25,000. See the archived grant guidance.

The Coronavirus Business Interruption Loan Scheme offered eligible smaller businesses finance of up to £5 million. The government guaranteed 80% of the finance to the lender and covered interest and lender fees for an initial period. The Bank of England’s COVID-19 Corporate Financing Facility supported larger firms by purchasing short-term debt.

HMRC’s Time to Pay arrangements offered help with tax liabilities. For current information, see HMRC’s payment-plan guidance.

Derbyshire business emergency relief fund

In March 2020, Derbyshire County Council launched a fund offering one-off payments of up to £500 to eligible sole traders and businesses with nine or fewer employees. The original plan was to accept applications until 17 April, but Destination Chesterfield reported that applications were temporarily paused on 25 March while the council processed demand.

The government subsequently introduced the Self-Employment Income Support Scheme, which paid five grants between 2020 and 2021.