COVID-19 Updated Government Support

Summary of recent changes to Government support packages.

Coronavirus Job Retention Scheme (furlough)

- The Coronavirus Job Retention Scheme is being extended until March 2021
- Employers can claim for 80% of an employee's salary for hours not worked upto a maximum of £2,500. More details on how to claim

Job Support Scheme (JSS)

- The JSS, due to start on 1 November 2020, has been postponed as the Coronavirus Job Retention Scheme is being extended until December

Self Employment Grant Extension

- This provides critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021. More Info

Business Grants

- 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

Business Loans

Applications for Government-backed loan schemes and the Future Fund have been extended until 31 January 2021

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
More details
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
More details


Other support

For further information on the support available to you and your business, check the Government’s Support Finder Tool.

Enquire