COVID-19 Step by Step Guide to Government Support

Given the number of different schemes and the volume of daily updates, we have compiled a simple step by step checklist to guide you through the process of getting support for your business.

Step 1 - Defer tax and staff expenses

1) Retain any staff that the business cannot support during the crisis by furloughing them using the Job Retention Scheme that will fund 80% of their salaries 

- Click here to check if you can claim for wages

2) Delay your VAT and self-employment tax payments

- Click here for more details on VAT
- Click here for more details about Self Employment

Step 2 - Check you are eligible for COVID Property related Grants

1) If you occupy property with Small Business Rates Relief, you may be eligible for a £10K Small Business Fund grant from your Local Authority. This scheme does not typically include businesses in serviced offices or in Enterprise Zones. You will need to discuss your case with your local authority.

- Click here for more details on the scheme

2) If you occupy space within a serviced office, pay an all inclusive rent or operate within an Enterprise Zone, an additional Local Authority Small Business grant fund has been created and you may be eligible for a grant from your Local Authority.

- Click here for more details on the scheme

3) If you are a retail, leisure or hospitality business, you may be eligible for up to £25K grant from your Local Authority.

- Click here for more details on the scheme

Further Local Authority links can be found on the COVID-19 Page.

Step 3 - Check you are eligible for Government and Innovation Grants

1) Search for Government grant funding. Click here for information

2) Check eligibility for the Government small and medium business recovery grants. Click here for information

3) Check whether you apply for other Innovate UK Smart Grants. Click here for information (Closing date 27th May)

4) Search for other UK Innovation Competitions. Click here for information

5) If you are a Life Science business, apply for a National Institute for Health Research I4I grants. Click here for information

6) If you are a early stage Health Tech business supporting healthy ageing, you may be eligible for a new funding opportunity via the Healthy Ageing Investment Accelerator initiative, delivered by L&G & Innovate UK. Check eligibility and how to apply here.

Step 4 - Consider Loan finding

Contact your Bank or one of the accredited providers to access the following Government backed loans:

Scheme Who is it for 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.
More details.
Coronavirus Business Interruption Loan Scheme (CBILS) UK businesses with turnover < £45M Up to £5m • 12 months interest free
• 80% of loan is Government backed
More details.
Coronavirus Large Business Interruption Loan Scheme (CLBILS) 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.
• 80% of loan backed by Government
• Commercial rates of interest apply
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.

Step 5 - Other support

Check the Government’s Support Finder Tool to see what support is available for you and your business.

Enquire