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.
FIND OUT MORE -Bounceback Loan
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.
FIND OUT MORE - Job Retention Scheme
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.
FIND OUT MORE - Sick Pay Rebate Scheme
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.
FIND OUT MORE - Deferral of VAT payments
Deferral of Self- Assessment Tax Bill
Tax bills due by 31st July 2020 can now be delayed until 31st January 2021.
FIND OUT MORE - Deferral of Self Assessment Tax Bill payments
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.
FIND OUT MORE - Business Rates Relief
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.
FIND OUT MORE - Coronavirus Business Support Grants
Self-employment Income Support Scheme
Claim a taxable grant worth 80% of your trading profits, up to £2500 per month.
FIND OUT MORE - Self Employment Income Support Schemes
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.
FIND OUT MORE - Coronavirus Large Business Interruption Loan Schemes
COVID-19 Corporate Financing Facility
The Bank of England will buy short term debts from large companies.
FIND OUT MORE - Coronavirus Large Business Interruption Loan Schemes