Financial support for businesses during COVID-193 min read
We're not going to waste time on long intros, at a time like this, you just need the facts, so here they are...
A full range of business support measures have been made available to UK businesses by the government.
Below is a list of that support:
To find out what financial support schemes you may be eligible for, use the business support finder to see what support is available for you and your business - https://www.gov.uk/business-coronavirus-support-finder
Paying Your Employees
Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19). https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
Paying Employees Sick Pay
Find out if you can use the Coronavirus Statutory Sick Pay Rebate Scheme to reclaim employees' coronavirus-related Statutory Sick Pay (SSP). https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19
- Difficulties in Paying Tax
You may be able to delay (defer) some tax payments without paying a penalty. https://www.gov.uk/difficulties-paying-hmrc
Temporary changes to the VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow. https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
You can delay making your second payment on account. https://www.gov.uk/pay-self-assessment-tax-bill
Business Rates Relief
- Retail, Leisure and Hospitality
Introduction of a business rates holiday for retail, hospitality and leisure businesses.
- Child Nurseries
Introduction of a business rates holiday for nurseries.
Business Support Grant Funds
- Retail, Leisure and Hospitality
Small Business Grants Fund and Retail, Hospitality and Leisure Grant Fund.
Support for the Self-Employed
This scheme is for self-employed or a member of a partnership in the UK and have lost income.
Support for Small and Medium-sized businesses
- The Business Interruption Loan Scheme will help small and medium-sized businesses to access finance of up to £5 million. https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme
- The Future Fund Scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties https://www.gov.uk/guidance/future-fund
- The Bounce Back Loan Scheme will help small and medium-sized businesses to apply for loans of up to £50,000. https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
Support for Large businesses
- The Large Business Interruption Loan Scheme will help large businesses to access loans of up to £25 million. https://www.gov.uk/guidance/apply-for-the-coronavirus-large-business-interruption-loan-scheme
- The Corporate Financing Facility will help large businesses through the purchase of their short-term debt. https://www.gov.uk/guidance/apply-for-the-covid-19-corporate-financing-facility
This article was written on 30.04.2020
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URGENT! PLEASE SUPPORT:
THE ECONOMIC CASE FOR INVESTING MORE IN SMALL BUSINESSES NOW
There is a strong economic case for supporting and investing in more support for SMEs now. The short and medium returns on Corporation Tax, PAYE and outflow in unemployment support would outweigh the immediate term cost. It makes much more sense to invest in additional cash grants for small businesses now and make an economic return later, than it would to provide no more assistance now and be left with fewer small businesses who are tomorrow’s medium and large businesses.
Please show your support for the millions of micro, small businesses that are still not receiving the financial support they need right now by signing this petition and sending this to every contact you have! #SmallBusinessCrisisNow