Finance & Cashflow
In response to the unprecedented times we find ourselves in, the government has released a full range of business support measures for UK businesses, those who are self-employed and employees.
This page helps businesses find out how to access the support that has been made available, who is eligible, when the schemes open and how to apply.
National Government Schemes:
Employment & Benefit Support
Information about Coronavirus and claiming benefits
Financial Support Finder
The government ‘Finance Finder’ tool will ask you to fill out a simple online questionnaire, which can take minutes to complete. You will then be directed to a list of all the financial support you may be eligible for.
The Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme (or ‘Furlough Scheme’) has been extended until 30 April 2021 with employees receiving 80% of their current salary for hours not worked and further economic support announced.
People and businesses across the UK are being provided with additional financial support as part of the government’s plan for the next phase of its response to the coronavirus outbreak.
COVID-19 Corporate Financing Facility
Under the new Covid-19 Corporate Financing Facility, the Bank of England will buy short-term debt from larger companies. This will support your company if it has 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.
Statutory Sick Pay
For businesses with fewer than 250 employees, the cost of providing 14 days of Statutory Sick Pay per employee will be refunded by the government in full. This will provide 2 million businesses with up to £2 billion to cover the cost of large-scale sick leave.
VAT Payments Deferred
For those who opted-in to the scheme, your VAT liabilities due between 20 March and 30 June 2020 do not need to be paid in full until the end of March 2022.
Those that can pay their deferred VAT can still do so by 31 March 2021.
Coronavirus Business Interruption Loan Scheme (CBILS)
The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses (SMEs) across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak. British Business Bank operates CBILS via its accredited lenders including high-street banks, challenger banks, asset-based lenders and smaller specialist local lenders. The government recently announced that the CBILS will be extended until 31 March 2021.
Business Bounce Back Loans (BBLS)
The Bounce Back Loan Scheme (BBLS) provides financial support to businesses across the UK that are losing revenue, and seeing their cashflow disrupted, as a result of the COVID-19 outbreak and that can benefit from £50,000 or less in finance. From 10 November, it was announced participating lenders in the scheme are able to offer smaller businesses across the UK a ‘top-up’ to their existing Bounce Back Loan if they originally borrowed less than the maximum amount available to them.
The government has announced that the Bounce Back Loan Scheme (BBLS) will be extended until 31 March 2021.
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides finance to mid-sized and larger UK businesses with a group turnover of more than £45m (the upper limit for the existing smaller-business focused CBILS) that are suffering disruption to their cashflow due to lost or deferred revenues during the COVID-19 outbreak. CLBILS is available through a range of British Business Bank accredited lenders and partners, listed on the British Business Bank website.
The government has announced that the Coronavirus Large Business Interruption Loan Scheme (CLBILS) will be extended until 31 March 2021.
Time To Pay
Business Helpline: 0800 024 1222
Self-employed Helpline: 0300 456 3565
Self-Assessment Income Tax Deferral
If you’re self-employed, Income Tax payments due on 31st January 2021 under the Self-Assessment system will be deferred. Instead of paying the full amount by the end of March 2021, you can make up to 11 smaller monthly instalments, interest free. All instalments must be paid by the end of March 2022.
Business Rates Holiday for Retail, Hospitality and Leisure Businesses
A 100% business rates holiday for the next 12 months for all retail, hospitality and leisure business, no matter what their rate-able value is, will be available.
Further Coronavirus Financial Support:
Here 2 Help Grant
Information about the Here 2 Help grant
Small Business Bank Loans
Funding for the Arts Sector
Arts Council England has announced a cash injection to help artists, venues and freelancers in the cultural sector. The package includes £20m for individuals (made up of grants of £2,500 each), £90m for National Portfolio Organisations – venues and others that get annual funding – and £50m for organisations outside that scheme.
Fastershire Grant for Community Groups
Herefordshire Council’s Fastershire Broadband Project has launched a Keep Connected grant to help support groups and organisations to adapt and continue to deliver their services remotely.
The grant, of up to £500, is available to any not-for-profit groups or organisations, including charities, community groups and Parish/town councils.
Not sure what you are eligible for?
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