Financial support for businesses during COVID-19
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:
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Support Finder
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
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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
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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
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Paying Tax
- 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
- VAT
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
- Self-Assessment
You can delay making your second payment on account. https://www.gov.uk/pay-self-assessment-tax-bill
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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.
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Business Support Grant Funds
- Retail, Leisure and Hospitality
Small Business Grants Fund and Retail, Hospitality and Leisure Grant Fund.
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Support for the Self-Employed
This scheme is for self-employed or a member of a partnership in the UK and have lost income.
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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
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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
You can find additional support adding to this list by clicking here.
This article was written on 30.04.2020