UK: An overview of the UK government financial package for COVID-19 relief
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Significant changes to the Chancellor’s COVID-19 financial support package for businesses to take effect from April 2021
As part of his budget speech on 3 March 2021, the Chancellor announced several changes to the COVID-19 support measures that are in place to support businesses and the wider economy. The headline announcement was the extension to the Coronavirus Job Retention Scheme until 30 September 2021, with employers expected to contribute 10% towards a furloughed employee's unworked hours from the start of July 2021, rising to 20% from the start of August 2021. Other key announcements include the introduction of the Recovery Loan Scheme from 6 April 2021 and the introduction of the Restart Grant from 1 April 2021, with the intention for the new schemes to largely replace the existing loan and grant support schemes available.
In the attached PDF we set out the details of the funding initiatives that are currently available along with eligibility criteria and how to apply, as well as details of tax and VAT deferral arrangements.
