Coronavirus: Government Support for Businesses
The government have introduced a number of new schemes to support businesses affected by the ongoing Coronavirus pandemic.
With the rapidly changing nature of the pandemic, information from the government is changing regularly. We would therefore advise visiting the government website for the most up to date information.
Read more about the schemes in place below…
Coronavirus BounceBack Loan
This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000. The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000. The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Coronavirus Job Retention Scheme
If your business is unable to maintain its current staff due to the effects of the Coronavirus, you can furlough them and apply for a grant to cover up to 80% of their usual monthly wage, up to £2500.
Coronavirus Statutory Sick Pay Rebate Scheme
If members of your staff have claimed statutory sick pay since 13th March 2020, this scheme will repay employers at your current rate of Statutory Sick Pay.
Deferral of VAT payments due to COVID-19
UK VAT registered companies due to pay between 20th March 2020 and 30th June 2020 can defer payment until a later date or can pay as usual. VAT returns must still be completed on time.
Deferral of Self- Assessment Tax Bill
Tax bills due by 31st July 2020 can now be delayed until 31st January 2021.
Business Rates Relief Due to Coronavirus
Some retail, hospitality and leisure businesses are eligible for a business rates holiday, and will not have to pay business rates for the 2020 to 2021 tax year.
Coronavirus Business Support Grants
The Small Business Grant Fund: All eligible businesses in receipt of Small Business Rates Relief or Rural Rates Relief in the business rates system will be eligible for a payment of £10,000.
The Retail, Hospitality and Leisure Grant: All eligible businesses in receipt of Expanded Retail Discount with a rateable value of less than £51000 will be eligible for cash grants of £10000 or £25000 per property.
Self-employment Income Support Scheme
Claim a taxable grant worth 80% of your trading profits, up to £2500 per month.
Coronavirus Large Business Interruption Loan Scheme
This scheme is yet to be put in place, but will support large businesses, with an annual turnover of between £45 million and £500 million, providing loans of up to £25 million.
COVID-19 Corporate Financing Facility
The Bank of England will buy short term debts from large companies.