The Government has created a simple to use coronavirus business support finder tool. The tool can quickly and easily determine what financial support is available to your business during the coronavirus pandemic.
The tool can be found on the Gov.uk website, you will be asked to fill out a simple online questionnaire, after which you will be directed to a list of all the financial support you may be eligible for.
The Government has produced a C19 Financial Support Package fact sheet that can be found here.
Contact your Bank or one of the accredited providers to access the following Government backed loans:
Scheme Eligibility Finance available Details Bounce Back Loan Scheme Small and medium-sized businesses affected by coronavirus £2 - £50k - 12 months interest free with low interest thereafter
- 100% of loan is Government backed
- Businesses must have been trading healthily at the end of 2019 and have not taken up a CBILS loan.
- Businesses can transfer an existing CBILS loan to this Bounce Back loan.
CV Business Interruption Loan Scheme UK businesses with turnover < £45M £50k - £5m - 12 months interest free
- 80% of loan is Government backed
Future Fund Convertible Loan For companies that have raised £250K equity funding in the last 5 years. £125K-5M matched with another 3rd party lender. - 8% interest, convertible to equity on the next funding round
More details and how to apply.
Coronavirus Large Business Interruption Loan Scheme UK medium-sized and larger businesses. Up to £25 million for businesses with a turnover from £45m up to £250m.
Up to £50m for businesses with a turnover of over £250m.
Businesses can borrow up to 25% of turnover, up to a maximum of £200 million.
- 80% of loan backed by Government
- Commercial rates of interest apply
Grants & Rates Relief
A new set of grants will be made available to businesses required to close in England due to national restrictions. More details will be announced however the grants will be as follows:
- For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks
- For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks
- For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.
Grants will be awarded by Local Authority, check their website for details / updates. More info can be found HERE.
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year. The relief is automatic and will apply to the next business rates bill in April 2020. More info can be found HERE.
Employee & Self Employment Support Scheme Eligibility Details How to access it Coronavirus Job Retention Scheme (CRJS) All UK businesses and charities.
Neither the employer nor the employee needs to have previously claimed or have been claimed for under CJRS to make a claim under the extended CJRS.
Employees that were employed and on the payroll on 23 September 2020 who were made redundant or stopped working afterwards can be re-employed and claimed for. The employer must have made an RTI submission to HMRC from 20 March 2020 to 23 September 2020, notifying a payment of earnings for those employees.
- The JRS has been extended until March 2021
- HMRC will reimburse 80% of “furloughed” workers wage costs up to £2.5K pcm
- Flexible furloughing will be allowed in addition to full-time furloughing
- There will be no employer contribution to wages for hours not worked. Employers will only be asked to cover National Insurance and Employer pension contributions for hours not worked.
Further details, including how to claim this extended support through an updated claims service, will be provided shortly Job Retention Bonus The Job Retention Bonus (JRB) has been postponed. Further details to be announced in 2021 The JRB will not be paid in February, with the Government stating it will “redeploy a retention incentive at the appropriate time”. More info can be found HERE. Job Support Scheme (JSS) The Job Support Scheme, which was due to start on 1 November 2020, has been postponed as the Coronavirus Job Retention Scheme has been extended. The Job Support Scheme will be introduced following the end of the CJRS. More info can be found HERE and further guidance will be published shortly. Self Employment Support Self-employed individuals with trading profits up to £50k with more than half their income coming from self-employment, who are experiencing reduced demand or cannot trade because of coronavirus. You do not have to have to have claimed the previous grants to use the scheme. This provides critical support to the self-employed in the form of two grants:
- Grant 1 - November 2020 to January 2021
A taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total.
- Grant 2 - February 2021 to April 2021
More info can be found HERE.
Further support for the self employed can be found HERE.
Statutory Sick Pay Rebate Scheme Employers with < 250 employees Claim back up to 2 weeks’ SSP per eligible employee Employers can claim rebates online. For more information click and to apply go HERE. Deferring Self Assessment Income Tax Self-employed Self-Assessment payments due on the 31 July 2020 deferred until 31 Jan 2021. Automatic - no applications required