Coronavirus Financial Information
The information on this page is for other Financial Support due to Covid-19.
Support for small and medium-sized businesses:
Job Retention Scheme
Find out if you're eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19). GOV.UK - Support for businesses through the CoronaVirus Job Retention Scheme
Coronavirus Statutory Sick Pay Rebate Scheme
This scheme is set up to repay employers the current rate of SSP that they pay to current or former employees for periods of sickness starting on or after 13 March 2020.GOV.UK - Guidance Claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)
Business Resilience and Recovery Grant Scheme
The Business Resilience and Recovery Scheme delivered by New Anglia Local Enterprise Partnership, will provide support to businesses in Norfolk and Suffolk that have been affected by the coronavirus and are looking at ways to recover and strengthen their business performance.
The scheme provides interventions to help businesses to adapt and cope with the effects of the downturn, safeguarding businesses and jobs.
There is a limited pot of funding available to support companies across the whole of Norfolk and Suffolk, so we're looking for companies to bring forward investment projects that will have a significant impact on their business, and grant applications will be considered on "first-come, first-served" basis. For more information please visit the New Anglia LEP's website
Coronavirus Business Interruption Loan Scheme
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus. The scheme helps small and medium-sized businesses to access loans and other kinds of finance up to £5 million. The government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months. To check if you are eligible and for more information please go to the GOV.UK website.
Bounce Back Loan
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there won't be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. GOV.UK - Apply for a coronavirus Bounce Back Loan
Support for large businesses:
Coronavirus Large Business Interruption Loan Scheme
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) supports large businesses, with an annual turnover of over £45 million. All viable businesses with turnover of more than £45 million per year can apply for up to £25 million of finance. Firms with a turnover of more than £250 million can apply for up to £50 million of finance.
The scheme is available through a series of accredited lenders, which are listed on the British Business Bank website. The government provides lenders with an 80% guarantee on individual loans. This gives banks the confidence to lend to many more businesses which are impacted by coronavirus. Facilities backed by a guarantee under CLBILS are offered at commercial rates of interest. GOV.UK - Apply for the Coronavirus Large Business Interruption Loan Scheme
Corporate Financial Facility
Under the COVID-19 Corporate Financing Facility (CCFF), the Bank of England will buy short-term debt from large companies. This scheme will support your company if it's been affected by a short-term funding squeeze, and allow you to finance your short-term liabilities. It will also support corporate finance markets overall and ease the supply of credit to all firms. The scheme is delivered through commercial lenders, backed by the Bank of England. It will operate for at least 12 months, and for as long as steps are needed to relieve cash flow pressures on firms that make a material contribution to the UK economy.GOV.UK - Apply for the COVID-19 Corporate Financing Facility
Support for Self Employed:
Self-Employed Income Support Scheme - Extension
The UK Government recognises the continued impact that coronavirus (COVID-19) has had on the self-employed and has taken action to provide support.
The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and February 2021 to April 2021.
The online application will be available from the 30th November. More information can be found on theGOV.UK website.
If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can:
- pay the deferred VAT in full on or before 31 March 2021
- opt in to the VAT deferral new payment scheme when it launches in 2021
- contact HMRC if you need more help to pay
If you owe a debt to HMRC you may be eligible to receive support with your tax affairs through HMRC's Time to Pay Service.Further information can be found on the GOV.UK website.
The government have released guidance concerning how to work safely during coronavirus. This includes guidance for tradespeople working in people's homes. Detailed information can be found on the GOV.UK website.
If you're getting less work or no work because of coronavirus, you may be able to make a claim for Universal Credit.More information and eligibility criteria can be found on the GOV.UK website.
As well as grants introduced as a result of the coronavirus, there are other grants that you may be eligible for. For other assistance that is available please view our Business Finance page
Last updated: 25/03/2021 12:02:09