Government Covid-19 business support

The UK government has announced a package of temporary, timely and targeted funding initiatives to support businesses through this period of disruption caused by COVID-19.

Government Covid-19 support to businesses includes:

  • a Statutory Sick Pay relief package for SMEs
  • a 12-month business rates holiday for all retail, hospitality and leisure businesses in England
  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
  • the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs which are 80% guaranteed by the Government with no interest for the first year. We now offer a CBILS application support service to help business owners or FD’s access the scheme
  • the Coronavirus Large Business Interruption Loan Scheme offering loans of up to £50 million for larger businesses which are 80% guaranteed by the Government. We now offer a CLBILS application support service to help larger businesses secure the right finance package
  • the Coronavirus Job Retention Scheme will fund 80% of the salary of any employees that might otherwise be laid off up to a maximum of £2,500 per employee
  • the Future Fund (which launches in May 2020) will provide Government loans to innovative UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors. We now offer a Future Fund Support Service to help early stage businesses secure the funding. 
  • a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
  • the HMRC Time To Pay Scheme
  • next quarter VAT payments due before the end of June 2020 will be deferred with catch up payments due by March 2021
  • commercial tenants that cannot pay their rent due to coronavirus will be protected from eviction if they miss a payment before end of June 2020

For more details and guidance from the government, please click here.

NB – The link takes you to an external website and Shaw & Co is not responsible for the content of that site.

This is for you if...

Your business has been adversely affected by the Covid-19 pandemic. You are looking for emergency funding to support your business through these challenging times.

 

Join our mailing list for emergency funding updates

If your business has been affected by Coronavirus and you would like to receive regular updates about emergency funding options available for SMEs – including the CBILS, CLBILS and Future Fund schemes – please join our mailing list.

View all case studies