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.
Job Retention Scheme
The government will pay wages of employees unable to work due to the coronavirus pandemic, paying 80% of furloughed workers salaries, in a radical move aimed at protecting people’s job. The scheme has been extended until October 2020. The government has provided further clarification on the Scheme, including details businesses will need in order to make a claim.
The BCC and Quest have also put together a series of FAQs.
Step-By-Step Guide To Job Retention Scheme
This step by step guide explains the information that employers need to provide to HMRC to make a claim through the Coronavirus Job Retention Scheme (CJRS). It also describes the processes involved.
HMRC have also put together a calculator to help you calculate employee’s wages, National Insurance Contributions and pension contributions if you’ve furloughed staff.
Job Retention Bonus
The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed for under the scheme, and who remains continuously employed through to 31 January 2021.
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
The government will defer Valued Added Tax (VAT) payments for 3 months.
Self-Assessment Income Tax Deferral
If you’re self-employed, Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.
Time To Pay
Business Helpline: 0800 024 1222
Self-employed Helpline: 0300 456 3565
Small Business Grant Scheme
The government will provide additional Small Business Grant Scheme funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs. If you think you are eligible but have not yet been contacted, get in touch with your local authority
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.
New 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. The scheme is a part of a wider package of government support for UK businesses and employees. CBILS has been significantly expanded along with changes to the scheme’s features and eligibility criteria. The changes mean even more smaller businesses across the UK impacted by the coronavirus crisis can access the funding they need.
The coronavirus Business Interruption Loan Scheme, delivered through 40+ British Business Bank accredited lenders and partners, is designed to support the continued provision to finance the UK smaller businesses (SMEs) during the Covid-19 outbreak. This Fact Sheet helps you to understand the process of applying for this loan.
Self-Employed Income Support Scheme
The Cash Grant will be made available in June for self-employed people for at least 3 months. In the meantime self-employed individuals are advised to apply to universal credit. This scheme covers 95% of people who receive the majority of their income from self-employment. To qualify, more than half of your income needs to come from self-employment. Only those who are already self-employed will be eligible.
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.
Small Business Bounce Back Loans
Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days.
Small Business Discretionary Fund
A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme. Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
Coronavirus Future Fund
This scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.
Job Retention Bonus
The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed for under the scheme, and who remains continuously employed through to 31 January 2021. Eligible employees must earn at least £520 a month on average between the 1 November 2020 and 31 January 2021.
Cash Grants for Retail, Hospitality & Leisure Businesses
£6.1m Support For High Streets
Hundreds of local business partnerships across England will share £6.1m of funding to spend on projects that will help their local economies through the uncertainty of the coronavirus (COVID-19) pandemic.
Funding To Support Dairy Farmers
England’s dairy farmers will be able to access up to £10,000 each to help them overcome the impact of the coronavirus outbreak.
The new funding will help support dairy farmers – who together continue to produce over 40 million litres of milk every day – who have seen decreased demand for their products as bars, restaurants and cafes have had to close.
£2m Funding Grant for Worcestershire Businesses
If your business in based in Redditch, Bromsgrove or Wyre Forest you may be eligible for this new fund.
Additional Coronavirus Financial Support:
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.
Financial support for charities
Martin Lewis has pledged to release £1million from his ‘personal charity fund’ to provide grants between £5,000-£20,000 to small or local charities across the UK to help with coronavirus-related poverty relief projects.
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?
Yesterday, 15 September, the High Court gave its judgement on a legal test case examining whether certain business interruption insurance policies did, or did not, cover Coronavirus claims. The court case arose because, when the pandemic hit, about 10% of business...
Cherington HR's latest newsletter has just been published. The bumper edition covers all the latest on managing employees whether they are furloughed or working from home as well as news of three new services being provided: A redundancy toolkit; a new simple online...
Economy sees a boost in july but could see major setback if further business support is not provided
Figures released last week by the Office for National Statistics (ONS) showed that the UK economy continued its sharp recovery from the unprecedented effect of the coronavirus pandemic. The economy grew by 6.6% in July, the third month in a row that the economy has...