Motorsport UK Government support for businesses

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"The Government has launched initiatives to help businesses through the financial pressure created by COVID-19. Some may apply to businesses in the motorsport industry.

The Government has announced a Business Rates Retail Discount, which in response to the coronavirus has been increased to 100% and extended to include the leisure and hospitality sectors. This relief will apply to occupied retail, leisure and hospitality properties in the year 2020/21.

More details are available here: https://assets.publishing.service.g.../873622/Expanded_Retail_Discount_Guidance.pdf

The Coronavirus Business Interruption Loan Scheme will provide government-backed loans of up to £5 million to small and medium businesses, which is now available for applications. Businesses are able to access government support to keep operating in the face of the global economic emergency brought on by coronavirus.

More details are available here: https://www.gov.uk/government/news/coronavirus-business-support-to-launch-from-today ( Coronavirus - Business support to launch from today )

On Friday 20th March the Chancellor announced a Coronavirus Jobs Retention Scheme under which will provide a grant to employers to keep their workers on rather than make them redundant. Salaries will be paid at 80% of their current level up to a maximum of £2,500.

Details of the Jobs Retention Scheme are available here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses ( COVID-19: support for businesses )

The Chancellor’s announcement in full is available here: https://www.gov.uk/government/speeches/the-chancellor-rishi-sunak-provides-an-updated-statement-on-coronavirus ( The Chancellor Rishi Sunak provides an updated statement on coronavirus. )

For other Government resources on COVID-19 including advice for businesses, visit these links:


https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19 ( COVID-19: guidance for employees, employers and businesses )"

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