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:

1. 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

2. 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

3. 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

4. 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

5. Business Rates Relief

• Retail, Leisure and Hospitality

Introduction of a business rates holiday for retail, hospitality and leisure businesses.

https://www.gov.uk/guidance/check-if-your-retail-hospitality-or-leisure-business-is-eligible-for-business-rates-relief-due-to-coronavirus-covid-19

• Child Nurseries

Introduction of a business rates holiday for nurseries.

https://www.gov.uk/guidance/check-if-your-nursery-is-eligible-for-business-rates-relief-due-to-coronavirus-covid-19

6. Business Support Grant Funds

• Retail, Leisure and Hospitality

Small Business Grants Fund and Retail, Hospitality and Leisure Grant Fund.

https://www.gov.uk/government/publications/coronavirus-covid-19-business-support-grant-funding-guidance-for-businesses

7. Support for the Self-Employed

This scheme is for self-employed or a member of a partnership in the UK and have lost income.

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

8. 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
  
  

9. 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