Coronavirus Financial Support
Please find below a list of the financial support available.
Help for your employees:
If you cannot maintain your current workforce because your operations have been severely affected by coronavirus, you can furlough employees.
Claim back Statutory Sick Pay paid to employees due to coronavirus
The Coronavirus Statutory Sick Pay Rebate Scheme will 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.
Support for small and medium-sized businesses:
Designed to help businesses with the cost of adapting their businesses to be Covid-safe. In recognition of the fact many businesses have had to expend significant amounts making adaptions to enable social distancing, or meet enhanced hygiene requirements.
Designed to enable businesses to mitigate the challenges of trading under COVID-19 restrictions, particularly by expanding their capacity and ability to serve a sufficient number of customers to remain viable and successful.
The Business Resilience and Recovery Scheme is delivered by New Anglia Local Enterprise Partnership. The scheme provides interventions to help businesses to adapt and cope with the effects of the downturn, safeguarding businesses and jobs.
The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
Bounce Back Loan
This scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover up to a maximum of £50,000.
Help with tax:
You may be eligible to defer VAT payments.
Help with your business rates:
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year.
Help if you are a nursery
Nurseries in England do not have to pay business rates for the 2020 to 2021 tax year.
Support for large businesses:
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) supports large businesses, with an annual turnover of over £45 million.
Corporate Financing Facility
Under the COVID-19 Corporate Financing Facility (CCFF), the Bank of England will buy short-term debt from large companies.
Grants through Hospitality Action.
As well as grants introduced as a result of the coronavirus, there are other grants that you may be eligible for.For more information please visit our Business Finance page.
Last updated: 28/08/2020 17:36:49