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.
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