The FSB also welcomed plans to allow small firms to offset their losses up to £50,000 over the last three years.
Small businesses will also benefit from the ability to spread their tax payments across the year on a timetable they can afford, which will help those firms that need to stabilise their cash flow.
John Walker, FSB national policy chairman, said: “Many of these measures, such as giving businesses longer time to pay bills and offsetting losses, will give small businesses a welcome breather from the taxman and allow them to concentrate on sustaining their business, supporting their staff and growing the economy in the long term.”
Richard Lambert, director general of the Confederation of British Industry said: “The £5billion package comprising the Small Business Finance Scheme and loans from the European Investment Bank should, if speedily implemented, give critical help to small firms in need.”
