COVID-19 Updated Government Support

Summary of recent changes to Government support packages.

January 5th 2021

Top up grants for retail, hospitality and leisure businesses

In response to the 3rd Lockdown, the Government has announced One-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring. These one-off top-ups will be granted to closed businesses as follows:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000 More Info

A further £594 million is being made available for local authorities in England and the Devolved Administrations to support businesses which are not eligible for other grants (in particular through not being required to close), but are affected by the restrictions. This is through the Additional Restrictions Grant (ARG)

December 2020

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

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