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Coronavirus Business Support

Added on: 24th March, 2020 by O1

Coronavirus Business Support

Last Updated:
Sat, 28 March 2020

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A range of business support measures have been made available to UK businesses and employees.

Below you can find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply.

Coronavirus Business Interruption Loan Scheme
This scheme will help businesses affceted by Coronavirus get access to bank lending and overdrafts if they need to. For loans up to £5m the government is providing a guranatee up to 80% for each loan.
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Business Rates Holiday for Retail, Hospitality & Leisure
Business in the Retail, Hospitality & Leisure sectors in England will not have to pay business rates for the financial year 2020/21.
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Cash Grant for Retail, Hospitality & Leisure
If your business is in the Retail, Hospitality & Leisure sector, and your premises has a rateable value of £51k or below, you will receive a cash grant of up to £25,000 per property.
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Coronavirus Job Retention Scheme
Under the coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.
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Small Business Grant Funding
The Government is providing additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR).
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Statutory Sick Pay Rebate
The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus.
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Time To Pay
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
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Covid-19 Corporate Financing Facility
The new Covid-19 Corporate Financing Facility (CCFF) means that the Bank of England will buy short-term debt from larger companies.
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VAT Deferral
The government will support businesses by deferring Valued Added Tax (VAT) payments for 3 months.
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Income Tax Deferral for the Self-Employed
If you are self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
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Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19.
Find Out More

Read the Guidance for employers and businesses on coronavirus (COVID-19) HERE

Read about the Ban on evictions for commercial tenants who miss rent payments HERE

Comments (2)

Rate +3

Orpington 1st - 27 Mar, 2020 - 10:02AM

Hi Justin.

The government has said that local authorities will contact eligible businesses. It's hoped that Bromley Council will contact businesses with details by the end of next week. As soon as we have more information we will share it.

Best wishes.

O1st

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Rate 0

Justin Speller - 27 Mar, 2020 - 09:44AM

Hello

Is there a business grant application form available please?

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